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18/03/2011

New CEO for Rainier IM

p { margin-bottom: 0.08in; } Following the resignation of Len Brennan, who for five years was president and CEO of Rainier Investment Management (USD18.8bn in assets as of the end of December), the firm has announced the promotion of James M. Ridgeway, director of sales & client services in the Taft-Hartley client services team at the firm, as acting president and CEO.Meanwhile, Kurt Polk, head of institutional sales & client service team, becomes global head of distribution.
18/03/2011

A good fiscal year in 2010 for La Banque Postale AM

p { margin-bottom: 0.08in; } La Banque Postale announced on Thursday, 17 March that its 2010 results show consolidated net profits of EUR5.215bn (up 4.2%). Consolidated operating profits total EUR719.5m (+15.2%), and net profits of the group come to EUR651.3m (+10.8%).Inflows to savings and bank savings accounts increased moderately, by +0.8%. In life insurance, assets total EUR108.3bn, also a slight increase. The year 2010 was particularly marked by the good sales of the unit-linked life insurance policies Cachemire and Toscane Vie (launched in September 2010). Overall, assets in savings and deposits total EUR283.5bn as of the end of 2010, a statement says.La Banque Postale Asset Management also posted a net inflow of EUR1.1bn, bringing assets under management as of the end of December 2010 to nearly EUR126bn, up 4%. Tocqueville Finance, an affiliate dedicated to portfolio management and specialised in value management, 75% controlled by La Banque Postale, had EUR1.435bn in assets under collective management as of the end of December 2010.
18/03/2011

EUR1bn in convertible bonds at Ofi AM

p { margin-bottom: 0.08in; } At the Forum GI, Gilbert Généré, head of convertibles at Ofi AM, announced that the management firm’s convertible bond management has topped EUR1bn in assets.
18/03/2011

Three quarters of US financial advisers predict double-digit growth in 2011

p { margin-bottom: 0.08in; } Financial advisers in the United States are optimistic. According to the most recent quarterly survey by Russell Investments (“Financial Professional Outlook,”) 31% of respondents among 800 financial advisers surveyed predict growth in their overall activities of 10% to 14%, and 44% say they are expecting to see growth of 15% or more.
18/03/2011

Eduardo Suárez becomes deputy CEO at Banif

p { margin-bottom: 0.08in; } The largest private bank of the Santander group, Banif, will soon have a new deputy CEO, replacing José Manuel Maceda, who has been in the position since December 2007. Eduardo Suárez has 20 years of experience at the group, and led the integration of the asset management firms of BCH and Santander (to create Santander AM), and for the past two years has been head of investors relations of the Santander group in charge with the major investors.
18/03/2011

Alberto Cejudo leaves Rothschild for Merrill Lynch

p { margin-bottom: 0.08in; } Alberto Cejudo Podio, senior manager and head of advising to high net worth Spanish clients at Banque Privée Edmond de Rothschild, and previously senior advisor for high net worth Spanish and Portuguese investors at Sarasin Alen, has joined Merrill Lynch Wealth Management as a financial advisor for management and investments to high net worth clients. He will be based in Madrid, and will report to Rafael Ximénez de Embún, head of Merrill Lynch Wealth Management Iberia.
18/03/2011

ECB: hedge funds to back Draghi

p { margin-bottom: 0.08in; } The Frankfurter Allgemeine Zeitung reports that at a conference in London, representatives of RAB Capital, Sturgeon Capital and Signet Group have announced their support for Mario Draghi, governor of the Bank of Italy, as successor to Jean-Claude Trichet as chairman of the ECB. Draghi did a convincing job as president of the Financial Stability Forum.
18/03/2011

Schroders renforce ses équipes LDI et strategic solutions

Le 17 mars, Schroders a annoncé le recrutement de Mike Hodgson comme head of structured solutions et de Kathleen Broekhof comme LDI Solutions managers pour son équipe d’investissement sous contrainte de passif (liability-driven investment ou LDI). Le premier était responsable de l’activité funds derivatives trading & structuring chez The Royal Bank of Scotland NV (anciennement ABN Amro Bank) tandis que la seconde était director dans l'équipe institutionnelle de HSBC Global Asset Management, avec la responsabilité de développer et d’entretenir les relations avec les plans d'épargne retraite d’entreprises.L'équipe «strategic solutions» britannique sera renforcée avec l’arrivée en avril de Diane Ramsay, qui arrive du financial strategy group de chez Mercer, où elle était consultant senior. D’autre part, Alistair Jones rejoint une équipe de 6 spécialistes des solutions stratégiques chargée de fournir du conseil stratégique et sous contrainte de passif à la clientèle. Il était auparavant chez Aon Hewitt comme investment consultant.
18/03/2011

Very good annual results for Legal & General AM

p { margin-bottom: 0.08in; } Legal & General Investment Management (LGIM) last year earned net profits of Gbp206m, up 20% compared with the previous year.Gross inflows totalled GBP33.1bn, compared with GBP31.5bn the previous year. As of 31 December 2010, assets under management have totalled GBP354bn, compared with GBP315bn as of the end of 2009.LDI funds under management rose 36% to GBP41bn. Index-based funds have posted net inflows of GBP2.9bn, which contributed to a 10% increase in assets under management, to GBP229bn.
18/03/2011

F&C opposed management more often in shareholder votes in 2010

p { margin-bottom: 0.08in; } In 2010, F&C exercised its voting rights on 72,000 resolutions at more than 5,7000 businesses in 63 countries, an increase of 20% over 2009, which is due to an increase in participations held by clients. The asset management firm, which has recently published its annual report on responsible investment, voted in favour of 72% of the proposals of corporate management, compared with 78% reflecting a stricter attitude to the composition and effectiveness of boards of directors.Votes opposing management increased to 18%, from 10% in 2009. F&C opposed pay scales at the majority of US, British, and continental European banks, which took the percentage of proposals in the area of pay supported below the 70% mark. Among the subjects which also attracted the attention of F&C in 2010 were health and safety in dangerous industries such as mining.In 2011, environmental and social challenges which the management firm will address are related to China, climate change, the lessons to be drawn from recent disasters, and supplies of natural resources.
18/03/2011

Schroders recruits four for management teams

Schroders has appointed four new senior positions within its LDI and UK Strategic Solutions teams. This follows significant growth in both the traditional LDI and UK Strategic Solutions teams. Mike Hodgson becomes Head of Structuring. He joins from The Royal Bank of Scotland NV (previously ABN AMRO Bank N.V) where he had been responsible for Fund Derivatives Trading and Structuring.Kathleen Broekhof becomes LDI Solutions Manager, LDI. She was previously a Director in the institutional team at HSBC Global Asset Management where she was responsible for developing and maintaining relationships with UK corporate pension schemes. Dianne Ramsay will be joining the UK Strategic Solutions Team next month, from the Financial Strategy Group (FSG) at Mercer where she was a senior consultant.Alistair Jones, joins a team of 6 strategic solutions specialists, responsible for the provision of strategic and liability led input to clients. Prior to joining Schroders, Jones worked at Aon Hewitt for over 5 years as an Investment Consultant.
18/03/2011

Assets and profits up at LGIM

p { margin-bottom: 0.08in; } Legal & General Investment Management has seen an increase in its profits to GBP206m in 2010, compared with GBP172m in 2009. The increase comes at a time when assets under management have risen from GBP315bn to GBP354bn, an increase of 12%.
18/03/2011

Schroders launches a second low-cost fund

p { margin-bottom: 0.08in; } Schroders on 17 March announced the launch of a second actively-managed low cost fund. The Schroder QEP Global Core fund, with a TER limited to 40 basis points, aims for 1% outperformance of the MSCI World index or equivalent indices. The fund is the second in this category to be launched in March.
18/03/2011

Fidelity adds to FAST range

p { margin-bottom: 0.08in; } Fidelity International has launched a long/short fund of UK equities for Aruna Karunathilake, as an addition to its Fidelity Active Strategy (FAST) range, Investment Week reports. The fund, FAST UK, will be similar to the UK Aggressive fund in terms of stock-picking, but may invest in short positions with up to 30% of its portfolio.
18/03/2011

Deka Immobilien invests GBP103m in Sanofi Aventis headquarters in Warsaw

p { margin-bottom: 0.08in; } Two companies of the Austrian co-operative banks, including the local affiliate Premiumred, have developed the North Gate office building in Warsaw, and sold the 30,000 square metre property to the German asset management firm Deka Immobilien for about EUR103m. The property is the headquarters of Sanofi Aventis in Poland, and is also leased to 24 other companies. The property will be added to the portfolio of the open-ended real estate fund WestInvest InterSelect.
18/03/2011

La menace de sous-performance se renforce

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur le marché des fonds actions américaines et le marché des fonds actions françaises au cours du mois de février 2011. Ces performances sont mises en perspective par le calcul de la volatilité et du ratio de Sharpe sur trois ans d’historique ainsi que du rendement depuis un an.
18/03/2011

Le risque pourrait redevenir payant

Le graphique ci-contre montre l’évolution de l’appétit pour le risque, mesuré par la corrélation de rang entre les rendements des facteurs de risque et la volatilité qui leur est associée. Si la corrélation est positive, l’aversion pour le risque a baissé ; si la corrélation est négative, elle a augmenté.
18/03/2011

Les gérants institutionnels vent debout contre la régulation

«Les pouvoirs publics ne font rien pour favoriser les acteurs de long terme», s’est plaint Paul-Henri de La Porte Du Theil, président de l’Association française de gestion financière, lors du Forum Gestion Institutionnelle mercredi à Paris. «Avec Bâle 3 et Solvency 2, tout est fait pour décourager les banques et les compagnies d’assurances d’investir sur le long terme», a-t-il déploré, tout en s’inquiétant des projets de réforme fiscale. Un constat partagé par Jean-Pierre Grimaud, président de l’Association française des investisseurs institutionnels, pour lequel la décollecte sur les fonds monétaires n’est pas uniquement liée à la faiblesse des taux, mais aussi à des réallocations de flux vers les bilans bancaires. Selon lui, les nouveaux dispositifs prudentiels bancaires et assurantiels rendent difficile la détention plus ou moins longue d’actifs risqués. A ce rythme, «il ne va rester que les fonds souverains et les grands fonds de pension américains», conclut Paul-Henri de La Porte Du Theil.
18/03/2011

L’Etat et la CDC signent un cadre de gestion pour le fonds d’épargne

La ministre de l’Economie, Christine Lagarde, et Augustin de Romanet, directeur général de la Caisse des Dépôts, ont signé le cadre de gestion du fonds d’épargne. Cet accord qui ne prévoit pas de limite de durée formalise les relations entre l’Etat et la Caisse des Dépôts pour la gestion des fonds centralisés de l’épargne réglementée (dont le livret A), qui assurent principalement le financement du logement social en France.
18/03/2011

Cinq banques visées par une enquête sur le Libor

Des autorités de régulation enquêtant sur des possibles manipulations du taux Libor, qui sert de référence pour les prêts interbancaires, ciblent cinq banques en particulier, a rapporté Reuters jeudi de source proche de la situation. Bank of America, Citigroup, Barclays, WestLB et UBS sont l’objet d’enquêtes aux Etats-Unis, en Grande-Bretagne et au Japon.
18/03/2011

Niveau de collecte historique des SCPI

Selon les données de l’institut de l’épargne immobilière et foncière (IEIF), un flux d’achat de près de 3 milliards d’euros s’est porté en 2010, pour un tiers vers les SCPI Scellier et, ce qui est encore plus significatif du retour de l’épargne vers l’immobilier, pour deux tiers vers les SCPI non fiscales. Ce flux a nourri le marché secondaire des parts à hauteur de 417 millions d’euros et la collecte nette s’est établie à 2,5 milliards d’euros, portant ainsi la capitalisation du secteur à 22,3 milliards d’euros.
17/03/2011

Le Japon demande à l'Indonésie davantage de GNL et de pétrole

«A cause du tsunami et du séisme, le parc nucléaire japonais est endommagé et nous connaissons une importante pénurie d'électricité (...) c’est pourquoi j’ai demandé au gouvernement indonésien d’augmenter ses exportations de gaz naturel liquéfié et de pétrole à destination du Japon», a déclaré jeudi à la presse la vice-ministre des Affaires étrangères Makiko Kikuta.
17/03/2011

La banque centrale indienne relève ses taux d'un quart de point

La banque centrale indienne a relevé ses taux d’intérêt jeudi pour la huitième fois depuis mars 2010, afin de juguler l’inflation qui affecte particulièrement les prix du carburant et des produits manufacturiers. La Reserve Bank a relevé le taux repo, principal taux de refinancement, de 25 points de base à 6,75% et le taux des ventes à réméré à 5,75%. L’indice des prix de gros a contre toute attente progressé pour atteindre 8,3% en février en rythme annuel.

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