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18/01/2010

Sanders Capital rejoint l'équipe de conseil de Vanguard

Deux professionnels de la gestion d’actifs, Lewis Sanders, CEO et co-CIO de Sanders Capital, et John Mahedy, co-CIO et directeur de la recherche de Sanders Capital, rejoignent l'équipe de conseil du premier fonds actions activement géré de Vanguard, le Windsor II Fund de 35 milliards de dollars.Les experts de Sanders vont gérer le compartiment des grosses capitalisations du fonds, soit quelque 8,5% des actifs du fonds. Sanders Capital a une approche traditionnelle bottom-up pour identifier les titres sous-évalués. Le compartiment devrait comporter 35 à 45 valeurs, avec un taux de rotation de 30% à 40% par an.
18/01/2010

Cazenove renforce son équipe de vente britannique

Selon Investment Week, Cazenove Capital vient de recruter Louis Greening en tant que consultant sur la distribution britannique. Dans ses nouvelles fonctions, il sera chargé du développement des relations avec les intermédiaires et au renforcement des relations avec la clientèle existante.Il était précédemment chez Skandia au sein de l'équipe spécialisée dans la distribution.
18/01/2010

Remboursements nets pour Man Group

Au 31 décembre, l’encours du gestionnaire alternatif Man Group Plc est ressorti à 42,4 milliards de dollars contre 44 milliards trois mois plus tôt, suite à des remboursements nets de 1,1 milliard de dollars ainsi qu'à des effets négatifs de 1,2 milliard pour la performance et de 0,3 milliard pour les taux de change. Les «autres « éléments ont en revanche contribué positivement au total des actifs dans la proportion de 1 milliard de dollars.Les remboursements ont surtout concerné la gestion institutionnelle, où les sorties ont atteint 1 milliard de dollars en net. Ajoutées aux pertes de la gamme de fondsAHL (5,6 % en octobre-décembre, 16,9 % sur douze mois), cela explique la baisse de 4 % des l’encours en un trimestre, souligne le CEO Peter Clarke.
18/01/2010

Aviva Investors vise l'immobilier commercial

La société de gestion Aviva Investors a levé un fonds de plus de 200 millions de livres destiné à investir dans l’immobilier commercial britannique. Le fonds devrait être totalement investi à la mi-2010.
18/01/2010
Fonds

Marshall Wace lance un ETF alternatif

Marshall Wace, l’un des plus gros hedge funds européens, va dévoiler lundi son projet de lancer un ETF, indique le Financial Times. Le véhicule, appelé Marshall Wace Tops Global Alpha, suivra un indice censé refléter les positions des six fonds Marshall Wace Tops, des stratégies alternatives actuellement uniquement disponibles pour les institutions et les individus fortunés. Coté à Londres et Francfort, l’ETF est censé lever 500 millions de dollars.
Fonds
18/01/2010

JO Hambro lance une boutique de gestion de fortune

JO Hambro Capital Management lance la boutique de gestion de fortune James Hambro & Partners, rapporte le Financial Times. La nouvelle entité sera autonome et reprendra les 220 millions de livres d’encours de JO Hambro gérés pour le compte de sa clientèle privée.
18/01/2010

Finalisation de la vente des activités suisses d’ING à Julius Baer

Selon L’Agefi suisse, le bancassureur néerlandais ING a annoncé vendredi la finalisation de la vente de ses activités bancaires en Suisse à la troisième banque helvétique Julius Baer. La transaction, annoncée le 7 octobre 2009, va générer un bénéfice estimé à environ 150 millions d’euros. Les activités d’ING dans la Confédération comptent 310 collaborateurs et ses actifs sous gestion totalisent 15 milliards de francs suisses.
18/01/2010

Matthias Aellig nommé chief risk officer de Swiss Life

Swiss Life a annoncé le 15 janvier la nomination au poste de chief risk officer de Matthias Aellig, 38 ans, à compter du deuxième trimestre 2010.Matthias Aellig était précédemment actuaire à la Zurich Vie Suisse. Dans ses nouvelles fonctions, il sera responsable de la gestion des risques, de la compliance et de l’actuariat du groupe Swiss Life. Il sera en outre directement subordonné au CFO du groupe.
18/01/2010

L’amnistie fiscale italienne laissera des traces chez UBS, Credit Suisse et Julius Baer

L’impact de l’amnistie fiscale italienne aura des conséquences pour les gérants de fortune suisses. Les trois principaux gérants de fortune helvétiques, soit UBS, Credit Suisse et Julius Baer, pourraient essuyer jusqu’à 18 milliards de francs suisses de retraits suite à l’opération mise en place par le ministre des Finances, Giulio Tremonti, estime une étude de Morgan Stanley. Dans son étude, la banque américaine évalue entre 3 et 7 milliards de francs les montants que les clients italiens pourraient retirer des unités de gestion de fortune d’UBS et de Credit Suisse. Chez Julius Baer, les retraits s’élèveraient à entre 1 et 4 milliards. L’amnistie a déjà permis de rapatrier 95 milliards d’euros en Italie, indique le Temps.
18/01/2010
Fonds

Négoce, hedge funds: deux autres batailles clés pour Genève en 2010

Selon Le Temps, après la gestion de fortune, c’est au tour de deux autres clefs de voûte de la finance lémanique de se trouver en première ligne: le négoce de matières premières et les fonds alternatifs. Les privilèges fiscaux des négociants en matières premières - symbolisé par le statut de «société auxiliaire» - sont dans le collimateur de Bruxelles. A Genève, le statut leur garantit une imposition sur les bénéfices de 12% en moyenne, la moitié de la contribution d’une société ordinaire. Bruxelles considère ce système comme une distorsion de la concurrence, une aide fiscale de l’Etat.
Fonds
18/01/2010
Fonds

Pictet lance un fonds d'obligations convertibles géré par Philippe Jabre

Le 1er février, Pictet Funds (Lux) lancera le compartiment Convertible Bonds dont la gestion à été confiée à Jabre Capital Partners (Jabcap). Ce fonds (LU0366535077 pour la part P Cap) a déjà fait l’objet d’une publication dans l’addendum au prospectus destiné au public en France de septembre 2009 et il dispose déjà d’agréments de commercialisation dans douze autres pays. La période de souscription initiale était prévue du 11 au 25janvier.Le gérant sera Philippe Jabre (ex GLG Partners) et le portefeuille d’obligations convertibles devrait être initialement concentré sur des émissions de grandes capitalisations à raison de 40 % en Amérique du Nord, 40 % en Europe et 20 % dans d’autres pays. Le fonds est conforme à la directive OPCVM III, la commission de gestion se situe à 1,6 % et celle de performance à 20 %. Le prix de souscription initial sera de 100 euros, mais le fonds aura aussi des parts couvertes du risque de change sur le dollar et le franc suisse.
Fonds
18/01/2010

Chi-X Europe poursuit sa montée en puissance.

L’Agefi rapporte qu’au dernier trimestre 2009, la plate-forme alternative (MTF) a vu le nombre de ses transactions croître de 14% à 46,3 millions et les volumes qu’elle traite ont bondi de 19% à 277,44 milliards d’euros. Sur le CAC 40, sa part de marché a même atteint à 22,64% le 31 décembre. Seul à tenir tête à Chi-X, ajoute le quotidien, Euronext a vu sa part progresser de 2,40 points de pourcentage à 26,9% sur le dernier semestre 2009. Les autres MTF restent à la traîne.
18/01/2010

Influence of sovereign funds continues unabated

Les Echos reports that sovereign funds, some of which suffered setbacks due to the financial crisis, will continue to have a strong presence on the markets in 2010. Their influence and power remains as great, and continues to grow. Feared, courted, and carefully listened to, these funds will continue to exercise a heavy influence on the markets. On average, Europe and Asia each account for about one third of equities investments by sovereign funds, while the United States accounts for 20%, according to a study by the Organization for Economic Cooperation and Development (OECD) covering 17 of the largest funds.
18/01/2010

Pictet launches a convertible bond fund managed by Philippe Jabre

On 1 February, Pictet Funds (Lux) will launch the Convertible Bonds sub-fund, whose management has been contracted out to Jabre Capital Partners (Jabcap). The fund (LU0366535077 for the P Cap share class) has already been the subject of a prospectus addendum published in France in September 2009, and already has sales licenses for 12 other countries. The initial subscription period runs from 11 to 25 January. The manager will be Philippe Jabre (formerly of GLG Partners), and the convertible bond portfolio will initially concentrate on large caps, 40% of which will be North American, 40% European, and 20% from other continents. The fund complies with the UCITS III directive, with a management commission of 1.6% and a performance commission of 20%. The initial subscription fee will be EUR100, and the fund, denominated in Euros, will also be available in shares hedged for currency risks in US dollars and Swiss francs.
18/01/2010

Target date funds outperform benchmarks in 2009

Using the new Target Date Metric (TDM) tool on 39 ranges of target-date funds, Russell Indexes has found a wide variance in performance, from 107.7% outperformance of the benchmark to underperformance of 31.8%. On average, however, the 39 product ranges posted average performance last year 36.4% above their benchmark indexes. Initially, performance rankings based on the TDM will be available only from Russell, but in the next few months, Morningstar will integrate them into its Morningstar Direct research platform, aimed at institutional investors. T. Rowe Price Retirement tops the one-year rankings, with outperformance of 107.7%, followed by John Hancock2 Lifecycle (106.8%), Oppenheimer Transition (94.8%), AllianceBernstein Retirement Strategy (71.7%) and Franklin Templeton Retirement Target (71.5%). On three years, only Franklin Templeton Retirement turned in outperformance (of 4.6%). American Century Lifesong and Wells Fargo Advantage show underperformance of 1.1% and 4.9%, respectively.
18/01/2010

La Financière Responsable measures the eco-social footprint of its funds

The asset management firm La Financière Responsable, a specialist in socially responsible investment, has sought to measure the extra-financial performance of its fund, LFR Euro Développement (EUR29bn in assets), in the two years since its creation. To achieve this, the asset manager has focused on social and environmental criteria, although financial management also takes other aspects into account. For 40 indicators considered, 19 have been retained. For each indicator, LFR considered 103 companies, including those in the portfolio, and others in the universe of the CAC 30 and Eurostoxx indices, to provide a basis for comparison. The resulting “social footprint” findings were satisfactory to LFR.
18/01/2010

Significant increase in assets in 2009

According to statistics from Strategic Insight, equities and bond mutual funds in the United States, including ETFs, last year attracted USD478bn in net subscriptions, of which an all-time record USD396bn went to bond products (traditional and ETFs). Total assets as of the end of December for all equities and bond mutual funds, including ETFs but not including variable annuity funds, represented a total of USD7.8trn. ETFs attracted USD144.4bn in net inflows, compared with USD176bn in 2008 and USD149bn in 2007. They finished the year with record assets of USD785.3bn, in 893 products, compared with USD535.2bn one year earlier, and USD613.2bn at the end of 2007.
18/01/2010

Marshall Wace launches an alternative ETF

Marshall Wace, one of Europe’s largest hedge funds, will on Monday unveil plans to launch an exchange-traded fund, says the Financial Times. The vehicle, to be named Marshall Wace Tops Global Alpha, will be listed on both the London and Frankfurt stock exchanges and will track an index designed to mirror the holdings of the six existing Marshall Wace Tops funds, hedge fund strategies currently only available to institutions and wealthy individuals. The ETF is expected to raise USD500m.
18/01/2010

Matthias Aellig appointed as chief risk officer at Swiss Life

Swiss Life on 15 January announced the appointment of Matthias Aellig, 38, beginning in second quarter 2010. Aellig was previously an actuary at Zurich Life Switzerland. In his new position, he will be in charge of risk management, compliance, and actuary responsibilities for the Swiss Life group. He will report directly to the group’s CFO.
18/01/2010

Allianz remains cautious about equities

Paul Achleitner, CFO, has announced that Allianz will this year continue to avoid equities and to prefer bonds, as global growth is too weak, and uncertainty about markets is too great. The German insurer manages a portfolio of more than EUR400bn, which last year was 355 invested in government bonds, 27% in Pfandbriefe, 15% in corporate bonds, and 8% in equities. Allianz is planning to double its private equity allocation to EUR15bn, while alternative investments will be increased to EUR30bn, the Börsen-Zeitung reports.
18/01/2010

Gen Re Capital becomes Oppenheim VAM

The acquisition of the management firm Gen Re Capital GmbH from Kölnische Rück (group Gen Re) by Bankhaus Sal. Oppenheim jr. & Cie was completed on Friday, as the necessary permission was issued by the antitrust and supervisory authorities (see Newsmanagers of 10 September 2009). Gen Re Capital (EUR11bn in assets) will now be known as Oppenheim VAM Kapalanlagegessellschaft mbH (OVAM), and will be a wholly owned subsidiary of Oppenheim Kapitalanlagegesellschaft (OKAG), which is in turn an affiliate of Sal. Oppenheim in charge of institutional management (EUR42bn). The two directors of Gen Re Capital, Andrea Simokat and Christian Finke, and most of the partners at Gen Re Capital, will join Oppenheim VAM.
18/01/2010

Hauck & Aufhäuser is now completely privately owned

Michael Achramm, managing partner at the bank Hauck & Aufhäuser, has announced that the Mast family, owners of Mast-Jägermeister AG, have bought a stake in the bank equivalent to the 9% recently acquired by Frank Asbeck, founder and president of Solarworld, the Frankfurter Allgemeine Zeitung reports. The private bank is now wholly in private hands, as institutional investors such as BayernLB, Münchener Verein and WWK Versicherung have sold their stakes.
18/01/2010

London is not dead, says Tosca

London will become the western financial hub for emerging markets, predicts Savvas Savour, chief economist for the hedge fund Tosca. He predicts that the British capital will attract at least 100,000 new employees in the financial services industry in the next ten years.
18/01/2010

TMW Pramerica signs up to UN-PRI

On Friday, TMW Pramerica Property Investments GmbH, a German affiliate of Pramerica Real Estate International AG, announced that last year it invested EUR325m to acquire real estate properties for its three institutional funds. The investment volume for the three funds represents about EUR2bn, and TMW Pramerica has announced plans to launch new “Spezialfonds” this year. Acquisitions in 2009 included a logistical property in Milan, a shopping centre in Lille, a supermarket property in Cologne, and offices in London, Paris and Seoul. The firm reopened its Weltfonds (DE 000A0DJ32 8) to subscriptions on 11 December, and on 31 December, its assets totalled EUR840.48m, down from EUR1.01bn before the reopening. Green management Pramerica Real Estate Investor, which is an affiliate of Pramerica Financial, has recently signed the United Nations Principles for Responsible Investment (UN-PRI). The move comes as the firm joins the Energy Star program by the United States Environmental Protection Agency (EPA). Pramerica’s objectives are to reduce the ecological footprint of its real estate portfolio, to improve its profitability through a reduction of operating costs, to increase the value of the properties through strategic management of energy and commodities consumption, and to improve the well-being of tenants, residents and employees, by making green living and working spaces available to them.
18/01/2010

JPMorgan AM confident in future for high yield in 2010

Michael Mewes, credit manager at JPMorgan AM, says credit remains the major conviction of the firm in the allocation of its risk budget. Corporate bonds will continue to outperform in the next two to three years, but the high yield segment will perform best. In this area, default rates may return to 4-6% by the end of the year.
18/01/2010

Petercam appoints two partners and reshuffles executive board

Petercam has announced the appointment of Francis Heymans and Sylvie Huret as partners, from 1 January 2010. Since 2000, Heymans has been head of commercial development and marketing for asset management serving institutional clients, while Huret has been head of the financial and risk management unit at the gruop. From 18 January, the executive board at Petercam, which handles coordination and daily organisation for all the firm’s professions and functions, will undergo some changes. It will now be composed of Axel Miller, Pascal Minne, Sylvie Huret, Francis Heymans, Geoffroy d’Aspremont and Marc Janssens.
18/01/2010

Skandia to be more aggressive on US large caps

Skandia Investment Gruop (SIG) on 15 January announced the appointment of the management firm Fifth Third Asset Management, a specialist in US large caps, to manage its US Large Cap Growth Fund, which has about USD80m in assets. The mandate was previously assigned to Wellington Management. The change in contractor is a sign of Skandia’s desire to adopt a more aggressive strategy on large caps, as Fifth Third AM predicts lower returns from US large caps in 2010, which will favour high quality shares.
18/01/2010

Perella makes a recruitment for asset management unit

Perella Weinberg has recruited a former JP Morgan Chase manager, William Johnson, who will be joining the firm as a partner and deputy head of the asset management unit. In his new position, Johnson, who has 25 years of experience in the asset management profession, will be in charge of developing the product range, for multi-manager investment strategies, private capital and hedge funds.
18/01/2010

Musical chairs at BNP Paribas

Sofia Merlo, 46, director of sales for private banking in France at BNP Paribas since February 2009, has been appointed as director of the private bank from 1 January 2010. She succeeds Marie-Claire Capobianco, who will now become head of BNP Paribas Wealth Management Networks, in charge of development of private banking activities in all countries where BNP Paribas has a banking network, a statement from the bank says. Merlo will aim to continue the development of the private bank in France; it currently manages EUR63bn and has 120,000 clients. She will report to François Villeroy de Galhau, a member of the group’s executive board, and head of the retail banking unit in France, and to Capiobanco.
18/01/2010

Sanders Capital joins Vanguard advising team

Two asset management professionals, Lewis Sanders, CEO and co-CIO of Sanders Capital, and John Mahedy, co-CIO and director of research at Sanders Capital, are joining the advisory team for the largest actively-managed fund at Vanguard, the Windsor II Fund, which has USD35bn in assets. The Sanders experts will manage the fund’s large caps allocation, which accounts for about 8.5% of assets in the fund. Sanders Capital uses a traditional bottom-up approach to identify undervalued shares. The sub-fund will include 35 to 45 positions, with a turnover rate of 30% to 40% per year.

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