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10/01/2014

Primonial posts inflows of EUR2.5bn in 2013

Primonial has had quite a year in 2013. Last year, the French wealth management firm posted “record” inflows of EUR2.5bn. Inflows from retail clients totalled EUR1.53bn in 2013, compared with EUR1.26bn one year previously, an increase of 22%. All asset classes have a satisfactory balance sheet. While collective real estate shows EUR395m in gross inflows to SCPI funds, direct real estate, for its part, has seen double the inflows of 2012. Asset management activities have also doubled their assets managed by Roche Brune AM. Lastly, the life insurane policy SéréniPierre, launched in partnership with Suravenir, has taken in more than EUR400m in new inflows in 2013. Its activity serving institutional investors has not been left behind. Its inflows total EUR974m. In this context, the Primonial group now has managed or advised assets of over EUR7bn, the objective set at the beginning of 2013. These positive trends “place us in the best conditions to continue this dynamic in 2014,” says André Camo, chairman of the Primonial group, in a statement.
10/01/2014

State Street teams up with MFS to launch active ETFs

State Street, the world’s number two provider of exchange-traded funds (ETF), has launched its first three actively-managed ETFs in partnership with MFS Investment Management. The three funds concerned, SPRD MFS Systematic Core Equity ETF (SYE), Growth Equity ETF and Value Equity ETF, were launched on 9 January on the New York Stock Exchange.
10/01/2014

Ramius recruits a veteran from Merrill Lynch

Ramius, the international asset management firm from Cowen Group, which has over USD9bn in assets under management, has announced the appointment of Bradley Sussman as managing director, in charge of the Liquid Alternative Products division. Sussman previously worked at Merrill Lynch as a hedge fund strategist and member of the investment committee for alternative investments.
10/01/2014

KKR closes a USD2bn fund to invest in troubled companies

The investment group KKR on 9 January announced that it has finally raised USD2bn, two times more than initially planned, for a fund dedicated to companies in difficulty. The KKR Special Situations “has received the support of a diversified group of new and existing investors, including pension funds, sovereign funds, insurers, charities, private banking structures, family offices and private investors,” KKR says in a statement. KKR Special Situations is managed by 15 professionals based in London, New York, San Francisco and Sydney. Its objective is to earn “high profits,” by investing in opportunities created by “market dislocations,” “complex situations” and the existence of assets whose owners are required to sell rapidly. But KKR assures that its search for profit will be accompanied by a desire to be “a constructive partner” to the companies in difficulty. Among the investments made by the fund since its constitution are a stake in the French abrasive powder Winoa, the statement says.
10/01/2014

Dalton Strategic Partnership recruits a former equity manager from GLG

Mark Greenhoff, former equity manager at GLG Partners, was recruited in early 2014 by the British boutique Dalton Strategic Partnership as a senior analyst and an addition to its European long/short equity team, Citywire reports. Greenhoff has 18 years of experience in European equity markets, as he previously worked at BZW Investment Management, Royal London Asset Management and Millennium.
10/01/2014

Royal London adds to distribution team

Royal London Asset Management (RLAM) announces two additions to its distribution team, together with the appointment of a head of proposition.Tracy Fennell joins as head of marketing, reporting to Rob Williams, head of distribution, as Newsmanagers had previously announced. She was previously head of marketing & communications at F&C Asset Management, prior to which she held marketing roles at Scottish Widows Investment Partnership, AXA Investment Managers and Newton Investment Management. She will be responsible for marketing strategy and implementation across all of RLAM’s distribution channels, as well as brand management and digital.Tracy Fennell succeeds Susan Spiller, who takes up a new role as head of proposition, responsible for product strategy, development and management.Finally, Louise Merritt joins as a product manager within the proposition team, reporting to Susan Spiller. She also previously worked at F&C Asset Management, as well as Aviva Investors, in product development roles. She will work alongside the existing members of the team on both new product development and management of the existing product range.
10/01/2014

Vanguard reduces management fees for its LifeStrategy range

In a context of an ongoing price war, Vanguard Asset Management (AM) will at the end of January undertake a reduction in the fees for five funds of its LifeStrategy range. The five products will, from 31 January 2014, charge annual management fees of 0.29%, where they had previously ranged from 0.30% to 0.33%. The full range will also see its structure modified, from the NURS to the UCITS standards, in order to facilitate access to retail clients. Vanguard AM will also be revising its asset allocation policy for the fund, in order to bring more diversification in terms of countries, sectors and securities.
10/01/2014

British investors are underweight on venture capital

The majority of British independent financial advisers (IFAs) feel that sophisticated investors are underweight on the venture capital sector, according to a survey carried out by Albion Ventures. Advisers say that less than one fifth of their clients (17%) are directly exposed to venture capital, but 48% of them say that the exposure of their clients to venture capital is likely to rise in the next five years.
10/01/2014

Strong growth in assets under management at Rathbones

Assets under management at Rathbone Brothers rose 22.2% last year, or about GBP4bn, to a total of GBP22bn, according to a statement released on 9 January. In fourth quarter alone, assets increased by GBP1.2bn, or 5.8%. Funds managed by Rathbone Investment Management were up by GBP3.5bn, to a total of GBP20.2bn as of the end of 2013.
10/01/2014

Lazard AM recruits head of its Japanese affiliate

Lazard Asset Management on 9 January announced the appointment of Yugo Ishida, who has been recruited from Nomura, as CEO of its Japanese affiliate, responsible for accelerating the development of the asset management firm in Japan. During her career at Nomura, Ishida served in various role, including chairman and chief operating officer, and most recently, adviser to the board of directors at Nomura Asset Management.
10/01/2014

Appointments to boards of directors at Mirabaud

The Mirabaud group has announced the appointment of Luc Thévenoz, Suzanne Wettenschwiler and Antonio Vegezzi to the board of directors at Mirabaud & Cie SA. Mr. Vegezzi will also sit on the boards of directors of the Swiss and London-based entities of Mirabaud Asset Management, alongside Yvar Mentha and Christopher Fawcett. They join Yves Mirabaud, Lionel Aeschlimann and Thierry de Marignac on the board of directors at the bank, and Aeschlimann and Morland on its asset management entities. The group has also appointed Pierre Bongard, Bernard Vischer and François Sunier as head of the control organism for Mirabaud SCA, the group’s newly-created holding company.
10/01/2014

Thomas Couvret joins Banque Hottinger & Cie

Thomas Couvret in January joined Banque Hottinger & Cie in Geneva as a product specialist, according to its LinkedIn profile. He will be in charge of sales and marketing in Switzerland, France and Luxembourg. Couvret was previously sales manager at URAM, an asset management firm based in Geneva specialsied in natural resources. He was previously business development manager at PIM Gestion France (which has become FourPoints Investment Managers after its merger with IT AM) in Paris.
10/01/2014

Brooks Macdonald launches a UCITS real estate fund

The British asset management firm Brooks Macdonald Funds has formed a new joint venture entitled North Row Capital, to manage the launch of a UCITS real estate fund. The vehicle, entitled IFSL North Row Liquid Property Fund and available from February, will be managed by Steven Grahame, former chief investment officer at Hermes Real Estate Alternatives and initiator of the project. The fund will offer investors liquid exposure to the global real estate market, investing primarily in derivatives, equities and real estate debt. The open-ended fund is aiming for total returns of 4.5% to 5.5%, with low volatility. The minimal initial investment in the vehicle is set at GBP10,000. IFSL North Row Liquid Property Fund is the first product on sale from the joint venture North Row Capital, controlled 60% by Brooks Macdonald, while the remainder is held by Steven Grahame and Gerald Parkes.
10/01/2014

Record inflows to Banca Generali

In December, Banca Generali posted total net inflows of EUR131m, bringing the total for 2013 to EUR2.26bn, according to Il Sole – 24 Ore. That represents a 40% increase compared with the previous fiscal year. Funds and Sicavs attracted EUR1.489bn, up 235% compared with 2012.
10/01/2014

Former Moore trader to be charged with insider trading

Julian Rifat, a former junior trader at Moore Capital, will be charged of insider trading by the British financial regulator, the Financial Conduct Authority, nearly four years after his arrest, the Financial Times reports. Rifat had previously denied all wrongdoing. He no longer works at Moore.
10/01/2014

Alfred Berg hires two fund managers

Peter Norhammar, who had been a manager at SEB until spring 2013, has joined Alfred Berg, the Swedish affiliate of BNP Paribas Investment Partners, the Swedish website Realtid.se reports. His arrival coincides with that of Petter Löfqvist, who had previously worked at Evli. They will both work on real estate and small caps. Commenting on these appointments, Tomas Scherp, CEO of Alfred Berg, says that the firm will soon be launching its Scandinavian small caps fund internationally.
10/01/2014

PGGM pulls out of five Israeli banks

The Netherlands-based pension fund PGGM has ceased to invest in five Israeli banks because they finance Jewish settlements and have branches in the West Bank, Investment Europe reports, citing the Israeli newspaper Haaretz. The fund’s decision is based on UN resolutions ruling that the settlements are illegal.
10/01/2014

Paulson Europe renoue avec la croissance en 2013

Paulson Europe LLP, l’entité européenne du hedge fund américain Paulson & Co, a enregistré une croissance de 76 % de son résultat opérationnel, à 6,5 millions de livres, à l’issue de son exercice clos le 31 mars 2013, selon eFinancial News qui cite des documents publiés auprès de Companies House. Cette forte progression témoigne du rétablissement de la société qui, lors de l’exercice précédent, avait accusé une chute de 80 % de ses bénéfices à 3,7 millions de livres. Le chiffre d’affaires de la structure européenne a progressé de 14 % sur un an pour atteindre 152 millions de livres.
10/01/2014
Fonds

ING lance sa stratégie ISR sur les actions européennes

ING Investment Management vient de lancer une stratégie ISR d’actions européennes à destination des investisseurs retail et institutionnels en Europe et en Afrique, rapporte Citywire. ING IM avait évoqué le lancement de ce fonds le 26 novembre dernier à l’occasion de sa conférence d’investissement annuelle (Newsmanagers du 27 novembre 2013).Le fonds ING (L) Invest Sustainable Equities, domicilié au Luxembourg, a été lancé le 19 décembre avec 40 millions d’euros sous gestion. Le fonds, qui comprend entre 50 et 90 lignes, tentera de surperformer le MSCI Europe Net Index de 2% par an.
Fonds
10/01/2014

amLeague recrute plus qu'elle ne perd de compétiteurs

Outre l’arrivée de Schroders l’an dernier, amLeague accueille désormais dans ses différents mandats les sociétés de gestion Primonial et Exane AM (lire par ailleurs). En l’occurrence, la plateforme fait plus que compenser les «sortants», c’est-à-dire Mandarine Gestion et Lombard Odier qui ont jeté l'éponge l’an dernier.
10/01/2014

BNY Mellon et Alceda s’allient dans les fonds alternatifs

BNY Mellon a été sélectionné comme dépositaire pour une proportion significative des fonds alternatifs de Alceda Asset Management GmbH en Allemagne et Alceda Fund Management SA au Luxembourg, ont dévoilé les deux compagnies ce 9 janvier. L’accord porte également sur les actifs des fonds alternatifs d’Aquila Capital. Et pour cause. Aquila Capital et Alceda font tous les deux partis du groupe Aquila, qui compte actuellement 250 collaborateurs et 7,2 milliards d’actifs sous gestion.Ce partenariat permet à BNY Mellon, pour la première fois, d’offrir des services de dépositaire en Allemagne pour des fonds alternatifs fermés investissant dans l’immobilier, l’agriculture, le capital investissement et les énergies renouvelables. Par ailleurs, BNY Mellon et Alceda Asset Management GmbH travailleront ensemble au lancement d’un premier fonds agricole conforme à la nouvelle réglementation AIFMD. D’autres fonds sont d’ores et déjà à l’étude.
10/01/2014
Fonds

LBO: les mega-fonds en forme en 2013

En 2013, les fonds de LBO (leverage buy-out) ont levé 152 milliards de dollars (112 milliards d’euros) de capitaux, selon les données compilées par le cabinet londonien Preqin reprise par L’Agefi. En apparence, le montant moyen des levées de fonds a également augmenté: 148 véhicules se sont partagés l’ensemble, les méga-fonds (plus de 4,5 milliards de dollars) s’arrogeant la part du lion. A huit, ils ont collecté 67 milliards de dollars l’an dernier. Ils représentent 44% du marché de levées de fonds. Chez ces géants, CVC est le seul à avoir réussi à boucler son méga-fonds en un temps record. En sept mois seulement, le fonds britannique a levé 10,5 milliards d’euros, note le quotidien.
Fonds
10/01/2014

Collecte record pour Banca Generali

En décembre, Banca Generali a enregistré des souscriptions nettes totales de 131 millions d’euros, portant le solde total pour 2013 à 2,26 milliards d’euros, rapporte Il Sole – 24 Ore. Cela représente une hausse de 40 % par rapport à l’exercice précédent. Les fonds et Sicav ont drainé 1,489 milliard d’euros, soit un bond en avant de 235 % par rapport à 2012.
10/01/2014

Brooks Macdonald lance un fonds immobilier Ucits

La société de gestion britannique Brooks Macdonald Funds a constitué une nouvelle coentreprise baptisée North Row Capital pour piloter le lancement d’un fonds immobilier Ucits. Baptisé IFSL North Row Liquid Property Fund et disponible à compter de février, ce véhicule sera géré par Steven Grahame, ancien chief investment officer de Hermes Real Estate Alternatives et initiateur du projet. Le fonds offrira aux investisseurs une exposition liquide au marché mondial de l’immobilier en investissant principalement dans des dérivés, des actions ou de la dette immobilière. Ce fonds ouvert vise un rendement compris entre 4,5 % et 5,5 % avec une faible volatilité. L’investissement initial minimal dans ce véhicule est fixé à 10.000 livres. IFSL North Row Liquid Property Fund est le premier produit commercialisé par la coentreprise North Row Capital, détenue à 60 % Brooks Macdonald, le solde étant détenu par Steven Grahame et Gerald Parkes.
10/01/2014

Forte progression des actifs sous gestion de Rathbones

Les actifs sous gestion de Rathbone Brothers ont augmenté de 22,2% l’an dernier, soit environ quelque 4 milliards de livres, pour s'établir à 22 milliards de livres, selon un communiqué publié le 9 janvier. Au cours du seul quatrième trimestre, les actifs se sont accrus de 1,2 milliard de livres ou 5,8%.Les fonds gérés par Rathbone Investment Management ont enregistré une hausse de 3,5 milliards de livres pour s'établir à 20,2 milliards de livres à fin 2013.
10/01/2014
Fonds

Vanguard réduit les frais de gestion de sa gamme LifeStrategy

Dans un contexte de guerre des prix persistante, Vanguard Asset Management (AM) va procéder à la fin du mois de janvier à une réduction des frais de cinq de ses fonds de sa gamme LifeStrategy. Ces cinq produits se verront appliquer, à compter du 31 janvier 2014, des frais de gestion annuels de 0,29 % alors que ceux-ci étaient jusque-là compris entre 0,30 % et 0,33 %. En outre, la totalité de la gamme va voir sa structure modifiée, passant des standards NURS à Ucits, et ce afin d’en faciliter l’accès à la clientèle de particuliers. Enfin, Vanguard AM va revoir sa politique d’allocation d’actifs pour ces fonds afin d’apporter une plus grande diversification en termes de pays, de secteurs et de titres.
Fonds
10/01/2014

Dalton Strategic Partnership recrute un ancien gérant actions de GLG

Mark Greenhoff, ancien gérant actions chez GLG Partners, a été recruté début 2014 par la boutique britannique Dalton Strategic Partnership en tant que analyste senior afin de renforcer son équipe européenne long/short equity, rapporte Citywire. Mark Greenhoff compte 18 années d’expérience sur les marchés actions européens, ayant précédemment travaillé chez BZW Investment Management, Royal London Asset Management et Millenium.
10/01/2014

Royal London renforce son équipe de distribution

Outre l’arrivée de Tracy Fennell en tant que responsable marketing (Newsmanagers du 9 janvier 2014), Royal London Asset Management (RLAM) a annoncé le 9 janvier une promotion ainsi qu’un recrutement.Susan Spiller, jusqu’ici responsable marketing, va désormais prendre la fonction nouvellement créée de responsable de la stratégie, du développement et du management.Pour l’assister, Louise Merritt rejoint RLAM en qualité de product manager au sein de l'équipe dirigée par Susan Spiller. Comme Tracy Fennell, Louis Merritt travaillait précédemment chez F&C Asset Management.Au 30 novembre 2013, les actifs sous gestion de la société de gestion londonienne s'élevaient à 52 milliards de livres.
10/01/2014

Ramius recrute un ancien de Merrill Lynch

Ramius, la société de gestion internationale de Cowen Group, qui gère plus de 9 milliards de dollars, vient d’annoncer la nomination de Bardley Sussman en qualité de managing director, responsable de la division Liquid Alternative Products.Bradley Sussman travaillait précédemment chez Merrill Lynch en tant que stratégiste hedge fund, membre du comité d’investissement pour les investissements alternatifs.

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