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24/06/2013

CFOs optimistic for 2013

P { margin-bottom: 0.08in; } Most CFOs say they are optimistic about their ability to develop their activities and to acquire new clients in 2013, according to the most recent quarterly survey by Russell Investments of US chief financial officers (Financial Professional Outlook).In the present year, 48% of respondants say that they hope to win over more than 10 clients, while 30% of them are aiming for 7 to 10 clients. Last year, 86% of advisers managed to take on more clients than they lost, while 48% of them took on 10 or more new clients.As a corollary of this optimism, 32% of the advisers say that clients expect capital markets to perform well in the next three years, a level not seen since March 2011. Three quarters of CFOs are themselves optimistic about the evolution of the markets.
24/06/2013

Russian PE investor RDIF and Mubadala launch co-investment fund

P { margin-bottom: 0.08in; } Russian Direct Investment Fund (RDIF), the private equity fund supported by the Russian government, and the Abu Dhabi sovereign wealth fund, Mubadala Development Company, have announced the launch of a co-investment fund with USD2bn in assets, in order to seek out investment opportunities on the Russian market. The two funds will contribute USD1bn each to the new fund. The new initiative by Mubadala comes as part of a desire on the part of the firm to establish a sustained presence on major international markets.
24/06/2013

Petercam replaces data provider for an SRI fund

P { margin-bottom: 0.08in; } For its European equity SRI fund Equities Europe Sustainable (about EUR50m in assets), the Belgian asset management firm Petercam will now be using gross data from Sustainalytics instead of Vigeo. They will all be processed internally by the SRI committee, which establishes the list of eligible equities sent to the fund manager, Didier van de Veire.This resulted in 10 changes out of 60 positions, as the universe which Sustainalytics covers is larger in the direction of midcaps, which better meet the performance aims of the manager.Petercam is satisfied with the reactivity and pragmatism of its provider, and has not ruled out extending its use of data to other equity or bond products.
24/06/2013

Yuan: UK signs swap deal with China

P { margin-bottom: 0.08in; } In the competition amongst European financial centres to become the preferred offshore platform for the Chinese yuan in Europe, the British capital scored a point this weekend, Les Echos reports. The governor of the Bank of England (BoE), Mervyn King, has signed a currency exchange, or swap, agreement with a Chinese counterpart, Zhou Xiaochuan, which will allow the London market to have liquidity in yuan under all circumstances.The agreement covers an amount of up to CNY200bn (or RMB200bn), for the BoE, or up to GBP20bn for the People’s Bank of China (PBOC). In other words, slightly over USD30bn which can be mobilised on the market on both sides in order to meet the needs of businesses. Beijing has already signed numerous swap agreements, but so far only with emerging markets. This is the first time that a member of the group of seven most industrialized nations has achieved such a relationship with China.
24/06/2013

Mercer adds to its wealth management product range

P { margin-bottom: 0.08in; } Financial advisers and wealth managers may in the future avail themselves of an addition to the product range from the consultant Mercer, which is now offering High Volume Research (HVR) and High Volume Monitoring (HVM) services, to address all potential questions raised by the funds in which their clients invest.HVR is a concise, high level tool (as opposed to complete research reports on managers), aimed at wealth managers, to help them to identify issues which may concern funds in which they may invest their clients’ money. For its part, HVM is a regular monitoring service, with which Mercer aims to identify concrete changes in a fund which may have an impact on the end result for clients.HVR and HVM allow investment advisers and wealth managers access to a quality of service which had previously been reserved for institutional investors and pension funds.
24/06/2013

Schroders wants to grow in the United States

P { margin-bottom: 0.08in; } UK-based Schroders wants to grow and is not hiding it. “We have GBP580m in cash,” its executive vice president, Massimo Tosato, tells Les Echos. This money “could be used both for acquisitions of local companies for international development and fo investments in organic growth,” he continues.Growth is proving more timid in Europe, its favourite market, and Schroders is turning to Asia and the United States.In the latter country, which can be hyper-competitive and closed off to foreigners, it is expecting to double in size in the next five years. As of 31 March 2013, assets under management in the United States already totalled GBP42bn, of which GBP7bn were at STW, a bond asset management firm acquired in December.
24/06/2013

Hermes Real Estate appoints head of RE debt

Hermes Real Estate Investment Management Limited (HREIML), with over GBP5.8 billion assets under management, has announced the appointment of Marcus Palmer as head of real estate debt. Based at the company’s headquarters in London, he will report into Ben Sanderson, Director of International Investment, HREIML. He will be responsible for managing the real estate debt programme. Prior to joining HREIML, Marcus was a Partner at Chalkhill Partners LLP.
24/06/2013

Polar Capital increases investment in healthcare

P { margin-bottom: 0.08in; } The British firm Polar Capital has recruited two investment professionals, Deane Donnigan and David Pinniger, who will serve in the healthcare unit at the asset management firm, Fundweb reports.Donnigan previously worked at Axa Framlington, while Pinniger has for more than 12 years worked in the healthcare sector.Polar Capital offers two healthcare strategies: the Polar Capital Healthcare Opportunities fund (GBP478.4m), and the Polar Capital Global Healthcare Growth and Income trust (GBP152.6m).
24/06/2013

Investors have bought up GBP2.3bn in equities in the past six months

P { margin-bottom: 0.08in; } Private investors continued to buy equities in the six months to the end of May, according to statistics released by Capita Registrars in its Private Investor Watch.Investors in the United Kingdom added GBP2.3bn to their portfolios, bringing their total assets to GBP222.2bn, the equivalent in value of 11% of the British equity market.Since the beginning of the rising market cycle in 2009, investors have added GBP6.1bn to their equity assets, of which BP3.6bn have been in the past 12 months.Between December 2012 and May 2013 investors traded about GBP45bn in equities, the most active period in the past two years.However, investors did not anticipate the fall on the market which began in June, and therefore did not take profits. They even continued to invest until the end of May. As of 18 June, they had lost GBP11.5bn, and their assets were down to GBP210.7bn.
24/06/2013

“We now have a shared sales team 40 times larger than before”

Deutsche Bank in mid-June unveiled its new division, Deutsche Asset & Wealth Management (DeAWM), including the 23 asset management, wealth management and market activity brands. After serving as managing director and global head of RREEF Real Estate, Pierre Cherki, who is head of the new alternative/real asset management profession, discusses the size of his unit, its composition and its plans, now that it has a sales team 40 times larger than previously.
24/06/2013

Skagen manager departs

Ross Porter left the Nordic asset management firm Skagen on 21 June after 13 years “to seek new challenges,» according to a press release. Since joining Skagen in September 2000, Ross has been involved in the management of both the equity and fixed income funds. Since August 2011, Ross has been part of the emerging markets Skagen Kon-Tiki fund team. The remaining Skagen Kon-Tiki team members are Kristoffer Stensrud, Knut Harald Nilsson, Cathrine Gether and Erik Landgraff. There are no plans to hire a replacement for Ross at present.
24/06/2013

Deutsche Börse offers a Dax fund without the financial sector

P { margin-bottom: 0.08in; } For institutionals, Deutsche Börse has designed the new Dax ex-Financials 30 index, which includes equities listed on the prime standard segment of the Frankfurt stock exchange in the 30 largest German companies outside the “FIRE” sector, which includes banks, providers of financial services and insurance.These shares represent about 80% of the total capitalisation in German pubicly-traded businesses. The Dax ex-Financials 30 index currently includes shares in 25 companies of the Dax and MDax indices.The composition of the new index will be updated on a quarterly basis, and data are available with backtesting to 20 March 2003. The weighting of each share is limited to 10%.
24/06/2013

Man appoints a CEO for its Australian affiliate

P { margin-bottom: 0.08in; } Jamie Douglas, who had been managing director in the chief investment office, responsible for currencies and emerging markets at JPMorgan in London, is joining Man Group as CEO of Man Investments Australia, from 1 July. He will report to Emmanuel Roman, CEO of Man Group.The new arrival will aim to sell the full range of MAN products, including quantitative strategies from AHL, discretionary long-only strategies and GLG hedge funds, as well as funds of hedge funds from FRM.
24/06/2013

Christian Dargnat prend la présidence de l'Efama

Christian Dargnat, directeur des gestions (CIO) de BNP Paribas Investment Partners, a été élu président de l’Efama, l’association européenne des gérants d’actifs, pour un mandat de deux ans. Il était vice-président de l’Efama depuis 2011. Christian Dargnat remplace Claude Kremer.
24/06/2013

TIAA Henderson Global Real Estate, une nouvelle société mondiale de gestion d`actifs immobiliers

TIAA-Cref, société prestataire de services financiers et Henderson Global Investors, l’un des plus importants gestionnaires de fonds en Europe, sont aujourd’hui convenus de lancer TIAA Henderson Global Real Estate, une nouvelle société mondiale de gestion d`actifs immobiliers. Le total combiné des actifs immobiliers sous gestion de TIAA-Cref et de la nouvelle entreprise représente 63 milliards de dollars.
24/06/2013

AXA PE cède ses parts du capital d’Outremer Telecom à Altice

AXA Private Equity, un des leaders mondiaux du capital investissement, annonce aujourd’hui avoir signé un accord pour la vente de sa participation majoritaire dans la société Outremer Telecom à Altice, le fonds d’investissement spécialisé dans les télécommunications. Fondé en 1986, Outremer Telecom est le premier opérateur alternatif de télécommunications dans les départements et régions d’outremer. Avec sa marque commerciale Only, le groupe est présent sur la zone Antilles-Guyane et la zone Océan Indien. En 2012, la société a réalisé un chiffre d’affaires de 195 millions d’euros.
24/06/2013

Schroders reste à l’affût

La société de gestion britannique poursuit ses développements internationaux après le rachat de Cazenove. Schroders «veut grossir et le fait savoir», selon le quotidien. «Nous disposons de 580 millions de livres sterling de trésorerie», clame ainsi son vice-président exécutif Massimo Tosato. Pour grandir, Schroders se tourne vers l’Asie et les Etats-Unis du fait d’un marché timide en Europe.
24/06/2013

Les banques privées en mal de rentabilité

En Europe, un gestionnaire de fortune sur six était déficitaire l’an dernier, selon l'étude annuelle de McKinsey. Certains acteurs vont logiquement disparaître ou se consolider, même si l’attrait pour le métier rend les pertes supportables pour certains groupes pluridisciplinaires.

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