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03/02/2010

Le patron de Jupiter cède ses fonctions de CIO

Jupiter Asset Management vient d’annoncer la nomination de John Chatfeild-Roberts en tant que directeur des investissements (CIO), un rôle occupé depuis 2000 par Edward Bonham Carter, le directeur général (CEO) de la société de gestion. John Chatfeild-Roberts avait rejoint Jupiter en 2001 en tant que responsable de l'équipe fonds de fonds Jupiter Merlin. Il prendra ses nouvelles responsabilités le 3 février, tout en gardant ses fonctions actuelles. Edward Bonham Carter explique que la délégation du poste de CIO lui permettra de se concentrer sur le développement de l’activité de Jupiter, notamment à l’international.
03/02/2010

BNY Mellon acquiert une filiale de PNC

BNY Mellon a annoncé le 2 février qu’il avait conclu un accord définitif (cf. NewsManagers du 29/01/2010) pour l’acquisition de la filiale de PNC, Global Investment Servicing, pour un montant de 2,31 milliards de dollars. Cette acquisition permet à BNY Mellon de renforcer son offre et sa part de marché auprès des gérants et conseillers financiers. Selon le communiqué, BNY Mellon devient ainsi le deuxième fournisseur mondial de services d’administration de fonds et d’argent de transfert et le numéro trois sur le marché des actifs de fonds alternatifs sous administration. BNY Mellon va enrichir son portefeuille de 855 milliards de dollars d’actifs sous administration, dont 460 milliards de dollars d’actifs sous conservation.La transaction, qui devrait s’acccompagner d’une levée de fonds de quelque 800 millions de dollars, devrait être bouclée au troisième trimestre 2010.
03/02/2010

AIG compte verser 100 millions de dollars de bonus

Selon la Tribune qui cite la presse américaine de mardi 2 février, l’assureur américain AIG s’apprête à distribuer 100 millions de dollars (environ 72 millions d’euros) de bonus aux employés de la branche financière qui avait contribué à fragiliser l’ensemble du groupe.Le groupe, note le New York Times, n’honore que partiellement des engagements pris avant la crise et le sauvetage orchestré par l’Etat sur les deniers du contribuable.
03/02/2010

State Street recrute un patron mondial du "cash business"

Managing director et head de l’activité private label cash management chez BlackRock, Barry F. X. Smith a été recruté par State Street Global Advisors (SSgA) comme global head cash business. Il aura à ce poste nouvellement créé la responsabilité de quelque 500 milliards de dollars, avec la distribution, le pricing, le développement de produits et le service à la clientèle. Son poste lui permettra de coiffer les fonds monétaires de SSgA, gestionnaire dont l’encours total représente 1.900 milliards de dollars.L’intéressé, qui a rejoint le 1er février, est subordonné à James Kase, head of global sales & marketing. Il travaillera en étroite coopération avec Steve Meier executive vice president et global cash CIO.
03/02/2010
Fonds

Fidelity va commercialiser 26 ETF sans commissions

A compter de ce mercredi, Fidelity ne facturera plus de commissions sur son ETF Fidelity Composite Index Tracking Index ainsi que sur 25 des 200 ETF de la marque iShares (BlackRock) qu’il distribue actuellement. L’accord avec BlackRock a une validité d’au moins trois ans, a indiqué le porte-parole de Fidelity, Adam Banker, à Mutual Fund Wire.
Fonds
03/02/2010

Le CME pourrait racheter les indices boursiers de Dow Jones

Selon Les Echos, le Dow Jones Industrial Average pourrait atterrir entre les mains de CME Group. Le numéro un mondial des Bourses de commerce aurait engagé des pourparlers avec News Corp. pour lui reprendre les activités de construction d’indices boursiers de Dow Jones.
03/02/2010

Les sociétés cotées retardent la divulgation des mauvaises nouvelles

Selon Les Echos, une étude américaine révèle que les entreprises cotées ont tendance à retarder systématiquement la divulgation de mauvaises nouvelles dans l’attente de jours meilleurs. Cette stratégie serait très répandue outre-Atlantique. Les sociétés laissent filtrer plus facilement leurs communications favorables. Conscient de ces comportements, le marché sanctionne davantage les mauvaises surprises qu’il ne salue les bonnes.
03/02/2010

Blackstone mandaté par Ambac

L’Agefi précise que, selon Reuters, le réhausseur de crédit américain Ambac a mandaté Blackstone pour l’assister dans sa restructuration, une activité parallèle à celle principale de private equity, déjà pratiquée par Blackstone.
03/02/2010

La Banque d’Orsay veut se développer en Suisse

Selon L’Agefi suisse, la Banque d’Orsay veut se développer auprès de la clientèle privée fortunée en Suisse. Pour ce faire, l’établissement français a déjà conclu divers accords de référencement sur des plateformes dédiées aux produits financiers, dont Swisscanto. Ce développement fait partie d’une stratégie européenne. L’expansion est également prévue en direction de l’Italie, de l’Espagne et du Portugal.
03/02/2010

La Commerzbank a bouclé la cession de Privatinvest Bank

La Commerzbank a annoncé le 2 février avoir bouclé la vente de sa participation de 74% au capital de la banque autrichienne Privatinvest Bank à la Banque cantonale de Zürich. La banque autrichienne, forte d’un effectif d’une cinquantaine de personnes, était à la tête d’un encours sous gestion de 600 millions d’euros à la fin juin 2009.
03/02/2010
Fonds

L'encours des ETF pourrait tripler en cinq ans

Selon un sondage réalisé par le Handelsblatt auprès des dix principaux promoteurs d’ETF, l’encours de ces produits en Europe pourrait passer de 156 milliards d’euros fin 2009 à 200 millions d’euros au 31 décembre 2010 avant d’atteindre 480 milliards d’euros dans cinq ans.
Fonds
03/02/2010

Dan Draper rejoindrait Credit Suisse

Dan Draper, l’ancien «global head» des ETF de Lyxor, rejoindrait Credit Suisse, selon le site Internet Index Universe. Par ailleurs, Andrea Morresi, responsable des ventes européennes d’iShares, a quitté la société.
02/02/2010

FTSE and Borsa Italiana launch two indices

FTSE Group and Borsa Italiana (London Stock Exchange group) have announced that they are extending their range of Italian indices with the FTSE MIB Dividend Index and the FTSE Italia All-Share Capped Index. The first of these two funds represents the cumulative value of ordinary dividends from firms which belong to the FTSE MIB index. The product is primarily intended to serve as a basis for derivatives, tracker funds, ETFs and other structured products. The FTSE Italia All-Share Capped index replicated the performance of Italian companies traded on the MTA electronic platform from Borsa Italiana. For the moment, the shares in the index are are capped at the time of the quarterly reviews in order to reduce concentration on some shares which are currently overrepresented.
02/02/2010

Credit Suisse passes 3% threshold at Santander

Credit Suisse has notified the CNMV that it now controls 3.11% of Santander, via its investment funds and affiliates in Hong Kong, Monaco, Gibraltar, Singapore, and Germany. This corresponds to a total of about EUR2.56bn at current share prices.
02/02/2010

Innovest founder launches a sustainable management fund

Matthew Kiernan, the founder of Innovest, has launched Inflection Point Capital Management, a multi-strategy asset management firm based on sustainable development principles, Financial Times Fund Management reports. The firm has the support of Global Currents Investment Management, an affiliate of Legg Mason, and of Phoenix Global Advisors.
02/02/2010

SGSS wins an Irish mandate

Société Générale Securities Services (SGSS) announced on 1 February that it has been selected by the National Asset Management Association (NAMA), based in Dublin, to provide valuation of several types of derivatives (options, interest swaps, swaptions, caps, and floors). The association was founded in mid-2009 by the Irish government to acquire real estate debt and derivatives from several financial institutions in the country, in order to help them to improve the health of their balance sheets.
02/02/2010

JPMorgan AM France rises back to EUR4bn in assets

JP Morgan Asset Management France finished 2009 with assets of about EUR4bn, compared with EUR3.7bn one year previously. Net subscriptions were largely concentrated in fourth quarter, with commercial success in particular for global convertible bonds, emerging markets, and to a lesser extent, US equities, Karine Szenberg, CEO, tells Newsmanagers. In 2010, the Paris office of the US management firm is planning to foreground products specialised in “real” assets such as infrastructure and European real estate. It is also putting emphasis on emerging market debt, with a fund managed by Pierre-Yves Barreau (see Newsmanagers of 28 August), without neglecting emerging markets equities.
02/02/2010

Christian Collin takes over as chairman at Groupama AM

Groupama Asset Management announced on 1 February that Christian Collin, CEO for Finance and Risk at Groupama, has since 1 January 2010 been serving as chairman of the board of directors at Groupama Asset Management. In this position, he replaces Helman le Pas de Sécheval, who on 1 January became CEO of the Groupama regional bank serving the Central Atlantic region. Collin was also appointed as CEO for Finance and Risk at Groupama last month. In this position, he oversees the directors of finance and investments, accounting for the group, reinsurance and guidance, risk functions, internal controls, and group shareholding, as well as the financial affiliates of the group, including Groupama Asset Management, Groupama Private Equity, Groupama Bank and Groupama Real Estate.
02/02/2010

Heavy losses for hedge funds

According to the most recent release of the Hedge Fund Monitor from Merrill Lynch, hedge funds last week underwent losses which wiped out the entirety of the gains they had accumulated since the beginning of the year, the Frankfurter Allgemeine Zeitung reports. The funds reduced their risk and pulled out of Euro/Yen positions, and also reduced their exposure to equities, where they now have a net short position overall. They also sold investments in oil and petrol.
02/02/2010

Sustainable investment shows strong rebound

According to statistics from the Sustainable Business Institute (SBI) at Oestrich-Winkel, the number of sustainable development funds in the German-speaking countries in 2009 increased 14%, to a total of 313 products, the Börsen-Zeitung reports. Assets increased 43% to about EUR30bn, following a contraction of 38% in 2008.
02/02/2010

Good prospects for growth in Islamic finance

According to a Standard & Poor’s survey published on 1 February (“Islamic Finance Is Likely To Advance In 2010 On Firm Growth And Widening Geographic Reach,”) the growth of Islamic finance remained strong last year despite turbulence on the financial markets, and may be expected to remain strong this year also. In 2009, assets at the 500 largest Islamic banks increased by 28.6%, to USD822bn, compared with USD639bn in 2008. “We predict that Islamic finance has made a place for itself as a specialised segment of finance, and that its prospects remain very good,” says Mohamed Damak, a credit analyst at Standard & Poor’s, in a statement. A number of important questions remain about the future development of these activities, particularly in non-Muslim countries, which include the scale of demand for Sharia-compliant products, the regulatory and fiscal environment, the support of the financial and political communities, the issuance of government sukuks, and the potential for the establishment of a joint strategy for the development of Islamic finance in Europe.
02/02/2010

Amati Global Partners acquires Noble Fund Managers

Following the acquisition of Noble Fund Managers by Amati Global Partners, the management firm is changing its name, and will now be known as Amati Global Investors. Amati will manage the Noble AIM VCT and CF Noble Smaller Companies funds. In the future, the asset management firm is planning to add to its range of fund products, Money Marketing reports.
02/02/2010

Commerzbank liquidates Comas

A spokesperson for Commerzbank in London on Monday confirmed to Newsmanagers that the German bank is liquidating Comas, its fund of hedge fund operation. As of the end of December, Comas had redeemed about 85% of assets to subscribers; these assets were then slightly under USD1bn. The remaining 15% will be refunded in the next few months, as remaining positions are gradually unwound.
02/02/2010

Nomura creates an MTF dark pool

The Nomura group announced on 1 February that it has launched NX MTF, the first MTF to offer dark pool services from an investment bank. The platform, founded on 25 January, allows for trading of shares listed on 14 European stock markets. Nomura points out in a statement that NX MTF is the only MTF dark pool to be regulated by the British financial services authority (FSA). Each transaction will be visible on Markit BOAT immediately. These transactions will then be visible via Bloomberg and Thomson Reuters, as well as via monitoring tools such as those offered by Nomura, such as TradeSpex Liquidity Monitor and the Fidessa Fragulator.
02/02/2010

Aberdeen appoints head of European business development

Aberdeen has appointed Hans Benenga to the newly created role of head of business development, Europe ex UK. Rik Brouwer, senior business development manager, succeeds Hans Benenga as head of business development, Benelux. Hans Benenga will report to Patrick Walker, head of European business development. With EUR102 billion under management, the region (Europe including UK) accounts for over 63% of Aberdeen’s worldwide assets under management.
02/02/2010

Robeco strengthens commitment to responsible investment

The Dutch group Robeco announced on 1 February that it has decided to launch “a global, structured campaign in the area of responsible investment.” Robeco will intensify its activism at businesses to incite them to improve their practices, and will also apply exclusionary investment criteria, which will require it no longer to invest in some businesses. With this move, the firm hopes to “set an example and to show the type of responsible behaviour which it would like to see businesses it invests in to adopt.” In the future, firms which are unwilling to take into account the points raised in discussions with the investment firm may find themselves excluded. “We will now be excluding firms which do not respect international treaties that regulate the sale and production of controversial weapons, particularly cluster bombs and land mines.” The names of the businesses excluded may be found on the website http://www.robeco.com. Responsible investment also involves attention to transparency of investment costs, risks and returns for Robeco clients. In the future, Robeco websites will include a ranking of responsible investments (calculated in partnership with Sustainalytics, an independent agency) for each Robeco fund. On the basis of these rankings, clients will be able to decide whether or not to take certain factors into account in the formation of a portfolio. The listings will include Robeco funds as well as funds from third parties. Robeco will no longer advise third-party funds which invest in businesses that produce controversial weapons.
02/02/2010

Two new shareholders at Source

Source, a provider of ETPs to European investors, announced on 1 February that it has two new investors in its capital, JP Morgan and Nomura. The other major partners at Source are BofA Merrill Lynch, Goldman Sachs, and Morgan Stanley. Source has also broadened the group of dealers it works with to include ten firms: Nyenburgh, AllOptions, BancaIMI, Exane, FlowTraders, IMC, LaBranche, Newedge, SG Securities, and UniCredit. Source, which was founded less than a year ago, now offers 41 ETFs, 27 ETCs based on Treasury bonds (T-ETC), and one ETC backed by physical gold.
02/02/2010

Challenging times for private equity in Europe

The ties between the private equity industry and the banking sector are very close in Europe, and the impact of the Obama reforms would be disastrous, La Tribune reports. Since 2006, European banks have raised EUR23bn, according to Preqin, and they still have EUR11bn to invest. Two major European players, Barclays and Natixis, are currently looking for ways to exit from a market which has become a guzzler of owners’ equity, the newspaper reports.

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