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02/02/2012

C-Quadrat recrute un gérant

Robert Piribauer, en dernier lieu responsable de l’analyse quantitative et qualitative de fonds ainsi que de la gestion de portefeuilles modèles pour des fonds externes dans le domaine obligataire chez Pioneer Investments, a été recruté au 1er février par l’austro-allemand C-Quadrat KAG. Il sera chargé au sein de l'équipe de gestion de fonds de renforcer l’expertise en matière d’analyse qualitative et quantitative de fonds.Parallèlement, C-Quadrat KAG a nommé deux des membres de son directoire au directoire de la filiale C-Quadrat Investment. Il s’agit d’Andreas Wimmer, qui sera chargé du marketing et de la communication, tandis que Markus A. Ullmer prend en charge le juridique, la gestion du risque et les ressources humaines.
02/02/2012

Tassement du bénéfice d'Ameriprise pour 2011

En 2010, le bénéfice net d’Ameriprise Financial a diminué de 10 % à 1.076 millions de dollars contre 1.097 millions. La maison-mère de Columbia Management et de Threadneedle a en revanche enregistré une progression de son bénéfice d’exploitation à 1.639 millions de dollars contre 1.574 millions.Les actifs totaux sous gestion ont diminué de 3 % sur l’année à 527,57 milliards de dollars contre 541,94 milliards pendant que les actifs sous administration se tassaient de 2 % à 103,75 milliards contre 105,52 milliards de dollars.Cela posé, le bénéfice avant impôt du pôle gestion d’actifs a gonflé de 33 % à 436 millions de dollars contre 318 millions pour 2010.Columbia affiche sur l’année une contraction de ses encours à 326,12 milliards de dollars contre 355,49 milliards, avec sorties nettes de 14,72 milliards de dollars contre 12,33 milliards l’année précédente.Chez Threadneedle, en revanche, les actifs gérés ont augmenté à 113,57 milliards de dollars contre 105,65 milliards douze mois plus tôt. Le gestionnaire britannique a enregistré des souscriptions nettes de 10,58 milliards de dollars contre des sorties nettes de 506 millions de dollars en 2010.
02/02/2012

L'APERS confie un mandat à une boutique de BNY Mellon AM

Le Arkansas Public Employees Retirement System (APERS) a confié un mandat «global real return à Newton Capital Management Limited, une boutique de BNY Mellon Asset Management. L’APERS est responsable d’un portefeuille de 5,6 milliards de dollars, investi pour le compte des salariés du secteur public de l’Etat américain de l’Arkansas, précise un communiqué.
02/02/2012

Chute du bénéfice d'Oppenheimer

Oppenheimer Holdings a annoncé pour 2011 un bénéfice net de 10,31 millions de dollars contre 38,48 millions pour 2010.A fin décembre, l’encours ressortait à 17,7 milliards de dollars contre 17,9 milliards trois mois plus tôt et 18,8 milliards fin 2010.
02/02/2012

Aberdeen Paris : 1 milliard d'euros de collecte nette en 2011

L’antenne parisienne de l'écossais Aberdeen Asset Management a terminé 2011 avec un encours de 5 milliards d’euros (dont 3,5 milliards de mandats gérés sur place), mais pourrait en revendiquer 6 milliards avec les souscriptions intermédiées. Les souscriptions nettes ont représenté environ 1 milliard d’euros l’an dernier, contre 500 millions en 2010.Les rentrées ont concerné toutes les catégories de clients et toutes les classes d’actifs. La collecte a ainsi porté sur la dette émergente mondiale et la dette asiatique, sur le haut rendement en dollars et en euros, sachant par ailleurs que les fonds actions émergentes et Asie sont soumis à une fermeture sélective aux souscriptions.En 2012, le gestionnaire prévoit de faire porter son effort commercial en France sur les produits actions européennes et immobilier européen, notamment avec l’OPCI très investi sur le marché allemand.
02/02/2012

Collecte en chute libre pour l'américain Waddell & Reed

La collecte nette enregistrée par la société de gestion américaine Waddell & Reed s’est élevée au quatrième trimestre à 42 millions de dollars contre 1,3 milliard de dollars au troisième trimestre 2011 et 1,2 milliard de dollars au quatrième tirmestre 2010.Les actifs sous gestion s’inscrivaient à 83,15 milliards à fin décembre, en progression très nette par rapport à fin septembre (77,45 milliards de dollars) mais en léger récul par rapport à fin décembre 2010 (83,67 milliards de dollars).
02/02/2012
Fonds

Un fonds à capital protégé chez BNP Paribas

Jusqu’au 25 mai 2012, BNP Paribas commercialise Euromillésime PEA Juin 2015, un fonds à capital non garanti dont l’échéance est fixée le 10 juin 2015. Sa performance est liée au comportement de l’Euro Stoxx 50 (hors dividendes). Si après un an ou deux ans, ce dernier est stable ou en hausse par rapport à sa valeur de départ, le souscripteur bénéficiera d’une échéance anticipée à 1 ou 2 ans. En revanche, si l’ Euro Stoxx 50 a baissé lors des constatations à un ou deux ans, l’échéance sera maintenue au 10 juin 2015. A 1 ou 2 ans, l’investisseur bénéficie d’un gain de 7 % par année écoulée, soit un gain de 7% la première année, le 10 juin 2013 (rendement actuariel de 6,70%).ou un gain de 14% la deuxième année, le 10 juin 2014 (rendement actuariel de 6,62%).A 3 ans, l'épargne n’est pas sécurisée : si l’indice a baissé de plus de 50%, le capital investi est diminué de la baisse de l’indice. Dans tous les autres cas, le capital investi est recupéré majoré d’un gain de 21% (rendement actuariel de 6,46%) - même en cas de retournement des marchés actions de la zone euro allant jusqu’à une baisse de 50%.Caractéristiques : Code ISIN : FR0011162379Eligible au sein d’un Compte d’instruments financiers (CIF) ou d’un Plan d’Epargne en Actions (PEA).
Fonds
02/02/2012
Fonds

Un nouveau président pour la Préfon

Pascal Renaud (CFDT) prend la présidence de la Préfon (Caisse nationale de Prévoyance de la Fonction Publique) à la suite du départ de Philippe Soubirous (FO) qui a quitté ses fonctions le 24 janvier dernier, après quatre années d’exercice et suivant le principe de présidence tournante instauré entre les quatre organisations syndicales de fonctionnaires qui ont créé la Préfon (CFDT, CFTC, CFE-CGE, FO).Déjà président de la Préfon de 1996 à 1999, Pascal Renaud entend, dans un contexte économique et social tendu, poursuivre les actions et les efforts d’adaptation et de renouvellement de l’association. Parmi les orientations évoquées, le nouveau président a à cœur de poursuivre et de réaffirmer le rôle d’écoute, de transparence et de conseil auprès des affiliés de Préfon retraite ainsi que les valeurs de l’association: «solidarité, progrès social et égalité». «L’existence de la Préfon n’a de justification que dans la défense et la représentation des affiliés au régime de retraite », précise le nouveau président.
Fonds
02/02/2012
Fonds

39 sociétés de gestion ont vu le jour en 2011

La dynamique de création de sociétés de gestion de portefeuille (SGP), notamment entrepreneuriales, s’est poursuivie en 2011, selon les estimations de l’Association française de la gestion financière (AFG). Au total, 39 sociétés de gestion ont été agréées contre 44 l’année précédente. En outre, environ une dizaine de dossiers seraient en cours d’instruction. Le nombre sociétés de gestion en activité dépasse désormais la barre des 600, à 608 contre 592 en 2011 et 567 l’année précédente. Autrement dit, un ralentissement des créations nettes à 16 contre 25 l’année précédente.Les estimations de l’AFG viennent par ailleurs confirmer les statistiques déjà publiées, notamment par Morningstar ou Europerformance. Les encours globaux sous gestion (OPCVM et mandats) ont ainsi diminué de 4,1% à 2.636 milliards d’euros à fin décembre, soit une contraction de l’ordre de 114 milliards d’euros. Cette évolution résulte pour l’essentiel d’une conjugaison d’une légère croissance des actifs gérés sous mandat (+1,9% à 1.430 milliards d’euros en prenant en compte les fonds de droit étranger), et d’un net recul des OPCVM de droit français (-10,4% ou 140 milliards d’euros à 1.206 milliards d’euros).
Fonds
02/02/2012

Société Générale Private Banking (Switzerland) appoints a director in Lugano

Société Générale Private Banking (Switzerland) SA has appointed Marco Tini as executive CEO of its Lugano-based affiliate. Tini, 40, from 1 January 2012 succeeds Jean-Marie Simond, who is retiring. Simond will become vice-chairman of the board of directors at Société Générale Private Banking (Lugano-Svizzera) SA, a statement says. Before joining Société Générale Private Banking (Lugano-Svizzera) SA in 2006, as head of legal affairs and compliant, and then as deputy CEO of the bank from 2010, Tini served in several senior positions at Crédit Suisse Private Banking Lugano.
02/02/2012

Profits down for asset management at Nomura

Pre-tax profits for the asset management arm of Nomura totalled JPY4.2bn in third quarter 2011-2012, down 10% compared with the previous quarter, and 24% compared with third quarter of the previous fiscal year. Assets under management were down slightly compared with second quarter of the fiscal year, due to net inflows of JPY96.8bn into ETFs, which offset redemptions observed elsewhere.
02/02/2012

Nicolas Rousselet to develop fund of hedge fund activities at Unigestion

Unigestion on 1 February officially announced the appointment of Nicolas Rousselet as managing director, head of hedge funds, as Newsmanagers reported at the time of his predecessor’s departure (16 December 2011). Rousselet will be based in Geneva, and will lead development of fund of hedge fund activities at Unigestion, which has over EUR2.9bn in assets under management for institutional clients. With the support of the investment committee dedicated to hedge funds, he will continue research efforts at Unigestion to offer high added value investment solutions to diversify the traditional asset allocation of institutional investors.
02/02/2012

Deka launches a range of sustainable development funds

The central asset management firm of the German savings banks, DekaBank, on 1 February announced that it is launching three Luxembourg-registered funds from its new sustainable development range (Nachhaltigkeit), one for equities (Aktien), one for bonds (Renten) and one diversified fund (Balance). For the selection of assets, Deka has relied on the imug institute and the EIRIS agency, after the exclusion of businesses involved in the production or sale of arms, alcohol or tobacco, those which are guilty of infractions of human rights, or which are accused of corruption. Invstments are selected according to a best-in-class approach. Sustainable development criteria are also applied to issuers of government bonds and covered bonds.Lastly, the portfolio undergoes a strict financial analysis by fund managers at Deka.CharacteristicsName: Deka-Nachhaltigkeit AktienISIN code: LU0703710904Front-end fee: 3.75%Management commission: 1.25%Fixed commission: 0.18%Name: Deka-Nachhaltigkeit RentenISIN code: LU0703711035Front-end fee: 2.50%Management commission: 0.75%Fixed commission: 0.12%Name: Deka-Nachhaltigkeit BalanceISIN code: LU0703711118Front-end fee: 3%Management commission: 1%Fixed commission: 0.16%
02/02/2012

Asset management firms continue to be created in 2011

The dynamic of creation of portfolio management firms (SGP), particularly entrepreneurial firms, continued in 2011, according to estimates from the French financial management association (AFG). Overall, 39 asset management firms were founded last year, compared with 44 the previous year. About 10 firms are still in the foundation process. The number of active asset management firms now exceeds 600, at a total of 608, up from 592 in 2011 and 567 the previous year. In other words, net foundations of new firms has slowed to 16, from 25 the previous year. The AFG’s estimates also confirm statistics already published by Morningstar and Europerformance. Overall assets under management (in mutual funds and mandates) have fallen 4.1%, to EUR2.636trn as of the end of December, a contraction of about EUR114bn. This dvelopment is largely the result of a coincidence of a slight rise in assets under management in mandates (+1.9%, to EUR1.430trn, taking into account foreign-registered funds), and a decline in French-registered mutual funds (-10.4%, or EUR140bn, to EUR1.206trn).
02/02/2012

Amundi changes the name of a govies ETF

The asset management firm Amundi Investment Solutions has modified the name of its ETF AAA Govt. Bond EUROMTS (FR0010930636) fund to Amundi ETF Govt. Bond Highest Rated EuroMTS Investment Grade ETF. The fund of euro zone government bonds with the highest ratings from the three major ratings agencies replicates the EuroMTS Highest-Rated Government All-Maturity. Assets as of the end of December totalled EUR40.99m.
02/02/2012

SCM Private plans to achieve total transparency

The asset management firm SCM Private on 1 February introduced a transparency code (the “True and Fair Code and Labelling System”) which will aim to require financial services to provide 100% transparency of commissions and investments. The move aims to deprive the sector of a commission structure which is “deliberately complicated in order to conceal the real numbers,” SCM Private says.
02/02/2012

Long-term savings need to be clearly encouraged and not penalised

A few days after the announcement of a new increase in savings taxation, the French financial management association (AFG) on 1 February, at a press conference, expressed its opposition to this approach, which contradicts what would be the optimal course of action. “Ongoing increases in taxes on savings and its volatility, which have been increased further in the past few weeks, completely discourage retail investors from returning to long-term investments, particularly in equities, while regulation of institutional investors is increasingly driving them to short-term investments,” the president of the AFG, Paul-Henri de la Porte du Theil, says. The tax on financial transactions, which is emblematic of these current changes, will be applied in only one country and will inevitably have negative consequences for French asset management and the financing of the French economy. The AFG president has also denounced the weakness of Europe compared with US regulations, such as the FATCA law; these US laws are in practice international weapons to defend US competitiveness. In the chapter on European regulations, the AFG says that at the necessary level of balanced regulations, all market actors would be required to submit to consistent frameworks and controls. This is the reason that the emblematic PRIPS legislation is necessary, as it provides a “deferred, consistent vector of harmonisation between the various products and policies available to retail clients.”
02/02/2012

East Capital launches second Baltic real estate fund

The Swedish firm East Capital on 1 February has announced the launch of the East Capital Baltic Property Fund II by East Capital Real Estate AS, its second real estate fund specialised in commercial real estate, but also including logistical and office properties in the three Baltic countries, especially Estonia. East Capital Explorer will provide EUR10m for the new product, which will aim to collect EUR40-50m.The East Capital Baltic Property Fund II, a closed fund in Luxembourg FIS format, is aimed at professional and institutional investors. The investment period is set at 5 years, and management commission is 2%. The fund will mature in 7 years, which may be extended once for a maximum of three years.
02/02/2012

Majedie Asset Management closes Tortoise fund to new investors

Majedie Asset Management has decided to close its Tortoise hedge fund to new investors, Investment Week reports. The fund has GBP350m in assets, exceeding its asset objective of GBP250m, set by the management firm at the time of the product’s launch in 2009.
02/02/2012

Alternative multi-management: Rothschild & Cie Gestion makes a first acquisition

Rothschild & Cie Gestion has acquired an alternative multi-management firm, Héritage Asset Management. The firm has acquired a 100% stake in the target business, for an undisclosed amount. The move is a sign of the firm’s ambition to develop even further in this type of management.“This is a first step,” says Denis Faller, managing partner and head of multi-management activities, who has been appointed as head of the new team resulting from the merger of in-house experts and thos from Héritage AM. In other words, the asset management firm has built its capacities in this area, but is still seeking even larger acquisition targets.In practice, Héritage Asset Management will become known as Rothschild Investment Solutions. Laurent Levenq, founder of the independent firm in 2003, will be the CEO and head of development.In terms of human resources, Faller will repatriate Héritage AM teams currently located in offices on the Champs Elysées in Paris, to offices at Rothschild & Cie Gestion. That team will include 15 professionals in Paris, with some personnel in London and New York.Currently, Héritage AM manages three alternative multi-management mutual funds: two ARIA III funds and one contractual fund. However, the combination of the two asset management teams will allow for the launch of new products conceived by Faller. A Solvency II compliant, a level 2 fund dedicated to institutional investors may be one of the projects of the new unit.
02/02/2012

Profits marginally down at Ameriprise in 2011

In 2010, net profits at Ameriprise Financial fell 10% to USD1.076bn, from USD1.097bn. The parent company of Columbia Management and Threadneedle nonetheless posted a growth in its operating profits to USD1.639bn, from USD1.574bn.Total assets under management were down 3% for the year to USD527.57bn, from USD541.94bn, while assets under administration were down slightly by 2% to USD103.75bn, compared with USD105.52bn.However, pre-tax profits in the asset management business unit increased 33%, to USD436m, from USD318m in 2010.Columbia has posted a contraction in its assets for the year, to USD326.12bn, compared with USD355.49bn, with net outflows of USD14.72bn, compared with USD12.33bn the previous year.At Threadneedle, however, assets under management increased to USD113.57bn, compared with USD105.65bn twelve months earlier. The British asset management firm has posted net subscriptions of USD10.58bn compared with net outflows of USD506m in 2010.
02/02/2012

C-Quadrat recruits a manager

Robert Piribauer, most recently head of quantitative and qualitative fund analysis and management of model portfolios for third-party funds in the area of bonds at Pioneer Investments, was recruited on 1 February by the Austrian-German firm C-Quadrat KAG. He will join the fund management team, and will be responsible for strengthening expertise in the area of qualitative and quantitative fund analysis.Meanwhile, C-Quadrat KAG has appointed two members of its managing board to the managing board at its affiliate C-Quadrat Investment. They are Andreas Wimmer, who will be responsible for marketing and communication, and Markus A. Ullmer, who will take charge of legal affairs, risk management and human resources.
02/02/2012

Investec products to be distributed in Germany by Sal. Oppenheim

The Cologne-based wealth management firm Sal. Oppenheim (Deutsche Bank group) has obtained exclusive rights to offer funds from Investec Asset Management in Germany, Investment Europe reports. Products from the South African/British asset management firm will be included in the OPFT fund range from March. Investec also states that it is planning to develop its own distribution in continental Europe.
02/02/2012

Successful integration of Sal. Oppenheim by Deutsche Bank

The asset and wealth management (AWM) unit of Deutsche Bank last year earned pre-tax profits of EUR767m, the bank announced on 2 February in a statement. This more than tripling of annual profits reflects the successful integration of Sal. Oppenheim and cost reduction measures, the bank says.Assets invested at the AWM unit as of 31 December totalled EUR813bn, up by EUR33bn, of which EUR28bn are in Asset Management in the strict sense.The Private Clients and Asset Management business unit (PCAM), which includes AWM, has posted record pre-tax profits of EUR2.5bn, of which EUR1.8bn were for the Private & Business Clients unit. The Deutsche Bank group has posted pre-tax profits for the year of EUR5.4bn, compared with nearly EUR4bn the previous year. Post-tax profits for the group totalled EUR4.3bn, compared with EUR2.3bn previously.
02/02/2012

F&C scales up institutional distribution in Germany

Matthias Hansmann, a client adviser at Bantleon Bank in Switzerland, is joining F&C in Frankfurt as director of institutional distribution, Das Investment reports. Hansmann will report to Claus-Dieter Heidrich, director of the Frankfurt branch.
02/02/2012

La Caixa sells its depository activities to CECA

CaixaBank has sold its investment fund, Sicav and individual pension fund depository division to the Confederación Española de Cajas de Ahorros (CECA) for EUR100m, Funds People reports. The sale price may rise by a further EUR50m, depending on the performance of the activity sold. CaixaBank will retain management and sales of products whose administration and custody will be transferred to CECA.
02/02/2012

State Street lists 16 ETFs in Switzerland

SIX Swiss Exchange on 31 January admitted 16 SPDR-branded ETF funds from State Street Global Advisors (SSgA) to trading, including two funds based on S&P indices, seven based on Barclays Capital indices, and five based on MSCI indices. The market maker for all of the funds is Commerzbank. Management commissions vary from 0.15% to 0.65%.The funds are as follows:SPDR Barclays Capital Emerging Markets Local Bond ETF, fees of 0.65%SPDR Barclays Capital Euro Aggregate Bond ETF (0.20%)SPDR Barclays Capital Euro Corporate Bond ETF (0.20%)SPDR Barclays Capital Euro Government Bond ETF (0.15%)SPDR Barclays Capital Sterling Aggregate Bond ETF (0.20%)SPDR Barclays Capital US Aggregate Bond ETF (0.20%)SPDR Barclays Capital US Treasury Bond ETF (0.15%)SPDR MSCI ACWI ETF (0.50%)SPDR MSCI ACWI IMI ETF (0.55%)SPDR MSCI EM Asia ETF (0.65%)SPDR MSCI EM Europe ETF (0.65%)SPDR MSCI EM Latin America ETF (0.65%)SPDR MSCI Emerging Markets Small Cap ETF (0.65%)SPDR S&P Emerging Markets Dividend ETF (0.65%), andSPDR S&P US Dividend Aristocrats ETF (0.35%)
02/02/2012

HFT IM and GF AM launch RMB bond funds

HFT Investment Management and GF Asset Management have both launched funds denominated in Chinese renminbi, aimed at retail investors in Hong Kong, Asian Investor reports. The two funds on sale from the companies fall within the quotas allocated to them under their status as renminbi qualified foreign institutional investor (RQFII). HFT IM has been granted a quota of RMB1.1bn, while GF AM has a quota of RMB900m
02/02/2012

Liontrust continues to take on subscriptions

In October-December, Liontrust has announced net subscriptions of GBP15m, bringing the total in the first nine months of the fiscal year ending on 31 March to GBP74m. Liontrust has now posted six consecutive quarters of net inflows.In January 2012, the British asset management firm has also posted net subscriptions of GBP15m.Assets as of 31 Decmber totalled GBP1.364bn, compared with GBP1.192bn as of the end of September; they totalled GBP1.409bn as of the end of January 2012, putting them above GBP1.4bn for the first time since June 2009.Liontrust also states that the launch of the Liontrust Asia Income Fund (see Newsmanagers of 18 January) will occur on 5 March. Before then, the British asset management firm will be releasing the Irish fund Liontrust European Absolute Alpha Fund, a clone of the Liontrust European Long/Short Fund, domiciled in Guernsey, by the end of February.
02/02/2012

Aviva Investors redeploys staff

Following the announcement of a reorientation of its business to serve mainly institutional clients (see Newsmanagers of 1 February), Aviva Investors has announced that it has made some refinements in the area of distribution of duties. Active equities management will be moved to three locations, serving four regions: Asia and emerging markets in Singapore, European equities in Paris, and British equities in London. This is evidently on condition that clients support these changes.As the SRI desk in London will be closed, a global team will need to be established, which will handle socially responsible investment for all products of the range.Money Marketing reports that the SRI team, which has about GBP1.1bn in assets under management, is hoping to be sold off to a competitor.

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