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27/03/2013
Fonds

Neuberger Berman lance un fonds d'optimisation fiscale

Avec le Neuberger Berman New York Municipal Income Fund (acronyme : NMIIX), le gestionnaire Neuberger Berman (205 milliards de dollars d’encours fin décembre) vient de lancer un fonds dont la performance totale est explicitement secondaire. Le portefeuille confié à James Iselin et Blake Miller a pour ambition prioritaire de préserver le capital et de générer des revenus élevés «fiscalement efficaces» grâce à une sélection de valeurs adéquate.L’objectif consiste à tirer le revenu le plus élevé possible qui soit exonéré de l’impôt sur le revenu fédéral ainsi que des impôts sur le revenu de l’Etat de New York et de la municipalité de New York. La duration moyenne sera comprise entre trois et sept ans.Avec leurs 14 analystes et traders, les deux gérants mettent en œuvre une stratégie active pour gérer au total 11 milliards de dollars sur des stratégies exonérées d’impôt pour le compte d’investisseurs institutionnels et de particuliers.
Fonds
27/03/2013

Banque Delubac renforce sa Banque de Gestion Privée

La Banque Delubac et Cie a annoncé le 26 mars l’arrivée de Côme Jeanroy au sein de la Banque de Gestion Privée Delubac, le pôle de gestion de fortune de la banque, et offre une gamme de services patrimoniaux et de solutions d’investissements adaptés aux entrepreneurs familiaux.Sous la responsabilité de Benjamin Le Moing, Côme Jeanroy sera en charge de développer la clientèle « Entrepreneurs », en s’appuyant sur la banque d’affaires, la société de gestion et les experts patrimoniaux et fiscaux de la Banque. Côme Jeanroy, 32 ans, diplômé du Master « Gestion Patrimoine » de l’ESLSCA, a rejoint la Banque Delubac & Cie en 2013. Il a débuté sa carrière de banquier privé chez UBS, a ensuite intégré les équipes de Gestion de Fortune de la Banque Privée 1818 et de la Banque Cantonale de Genève.
27/03/2013
Fonds

ABN Amro amorce un fonds d'impact investing

Le néerlandais ABN Amro a confié à Eric Buckens, qui vient du pôle gestion de fortune, la gestion de son premier fonds d’impact investing qui est doté initialement de 10 millions d’euros et qui a vocation à prendre des participations de 20 à 50 % dans des entreprises établies aux Pays-Bas et qui doivent combiner un rendement social avec un rendement financier, rapporte Fondnieuws.Le ABN Amro Social Impact Fonds ne sera pas ouvert pour l’instant à la clientèle, mais pourrait être commercialisé s’il s’avère un succès. Le portefeuille comprendra à terme jusqu'à 15 participations et le fonds fera partie de la division développement durable d’ABN Amro
Fonds
27/03/2013

Protective Life en lice pour reprendre des actifs américains d'Axa

Protective Life, l’assureur américain, est le mieux placé pour racheter une partie des actifs d’assurance-vie d’Axa aux Etats-Unis, rapporte L’Agefi qui cite une information de Reuters. L’opération qui pourrait tourner autour du milliard de dollars, selon des sources proches du dossier. Axa a annoncé en 2011 un plan stratégique visant 1,5 milliard d’euros d'économies dans les «marchés matures» d’ici 2015.
27/03/2013
Fonds

Hermitage ferme son fonds russe

Le fonds Hermitage, un véhicule soutenu par HSBC qui est investi en Russie et qui a été embarqué dans une guerre diplomatique avec le Kremlin en raison de la mort de l’un de ses avocats, ferme ses portes. Le fonds était en 2005 l’un des principaux portefeuilles investis en Russie avec 4 milliards de dollars d’actifs sous gestion. Il n’aurait plus que 60 millions de dollars d’encours après des rachats importants.
Fonds
27/03/2013

Chute du bénéfice de Resolution

Fundweb rapporte que Resolution a fait état pour 2012 d’un bénéfice d’exploitation avant impôt de 274 millions de livres contre 681 millions pour l’année précédente, une chute qui est imputable à 404 millions d’euros d'éléments exceptionnels en 2011.L’encours de la division «heritage» est tombé fin 2012 à 68,7 milliards de livres contre 70,8 milliards un an auparavant tandis que celui de la division UK a augmenté à 19,7 milliards de livres contre 16,9 milliards.
27/03/2013
Fonds

Vanguard AM référence ses fonds sur Hargreaves Lansdown Vantage

Vanguard Asset Management a annoncé avoir mis à disposition sur la plate-forme Hargreaves Lansdown Vantage l’intégralité de sa gamme irlandaise retail de fonds indiciels à bas coûts en livres sterling. Les frais de ces produits s’échelonnent entre 0,15 % et 0,55 %. La liste des fonds est la suivante :Vanguard Emerging Markets Stock Index FundVanguard Global Small-Cap Index FundVanguard Japan Stock Index FundVanguard Pacific ex-Japan Stock Index FundVanguard SRI European Stock FundVanguard SRI Global Stock FundVanguard Global Bond Index FundVanguard U.K. Government Bond Index FundVanguard U.K. Investment Grade Bond Index Fund
Fonds
27/03/2013

Schroders dément tout lien entre le départ de Buxton et l’acquisition de Cazenove

Schroders a nié que le départ de l’un de ses gérants les plus expérimentés, Richard Buxton, était lié à l’acquisition de Cazenove Capital, annoncée lundi. Philip Mallinckrodt, responsable groupe de Schroders Private Banking, a déclaré au FTfm : “Richard n’était pas au courant de la fusion lorsqu’il a décidé de partir”.
27/03/2013

Legal & General acquiert le reliquat de Cofunds

Pour 131 millions de livres en numéraire, Legal & General Group Plc achète les 75 % qu’il ne détenait pas encore dans Cofunds Holdings Ltd.Cette transaction sera financée sur les fonds propres existants de L&G; elle valorise la plate-forme Cofunds à 175 millions de livres et doit encore obtenir l’agrément du régulateur. Elle devrait ainsi être bouclée avant le 30 juin et contribuer au bénéfice de L&G à compter de la fin de 2014.Selon L&G, Cofunds est la plus grande plate-forme britannique avec des encours sous administration de 50 milliards de livres au 28 février et une part de marché de 22 %.Le communiqué indique que Cofunds et Investor Portfolio Service (IPS) constitueront ensemble une nouvelle unité d’affaires au sein de la division Savings.
27/03/2013

Richard Oliver rejoindrait Brevan Howard

Richard Oliver, responsable du trading de taux d’intérêt court terme chez Morgan Stanley à Londres, rejoindrait Brevan Howard, croit savoir Financial News. Son rôle au sein de la société de gestion basée à Genève reste flou.
27/03/2013

Nomination chez The Stonehage Group

Le spécialiste du family office européen The Stonehage Group vient de nommer David McLellan en qualité d’executive director responsable du bureau de Londres, rapporte Investment Europe.David McLellan était précédemment chief executive officer de Rothschild Trust Group et membre du comité exécutif de Rothschild Private Bank & Trust.
27/03/2013

Axa IM releases SmartBeta Credit Bonds fund in Germany

The BaFin has given its green light to the sale of the Global SmartBeta Credit Bonds subfund from Axa IM’s Luxembourg sicav Axa WF in Germany. The fund is designed for institutional investors and managed by Damien Maisoniac in Paris (see Newsmanagers of Feb. 13th).The product belongs to the «buy & maintain» strategy which has some EUR200bn under management, out of the EUR300bn which Axa IM manages in the fixed income space.
27/03/2013

sentix launches behavioural finance fund

P { margin-bottom: 0.08in; } With the assistance of the Frankfurt-based firm Universal-Investment, sentix Asset Management, an affiliate of the behavioural finance consluting firm sentix, is launching the German equity allocation fund sentix Fonds Aktien Deutschland. The product allies traditional investments in German high-quality equities (Dax shares) with management of total exposure according to investor sentiment. Market exposure is managed actively via derivatives, and may range from 80% to 120%.In periods, such as the present, when investors are excessively calm and confident, allocation to equities may be reduced to 80%. If, however, investors appear preoccupied or fearful, sentix specialists will locate a point of entry and may increase exposure to equities up to 120%.The objective is to outperform the Dax by three percentage points per year, with volatility comparable to the benchmark index.CharacteristicsName: sentix Fonds Aktien DeutschlandISIN code: DE000A1J9BC9Front-end fee: currently 2% maximumManagement commission: currently up to 0.955%Performance commission: up to 10% of performance exceeding the Dax 30 TR (EUR); up to 2% of average assets in the fund during the period under review.
27/03/2013

Neuberger Berman introduces New York Municipal Income Fund

With the Neuberger Berman New York Municipal Income Fund (ticker: NMIIX), Neuberger Berman Group LLC, has introduced a fund that seeks high current income exempt from federal income tax and New York State and New York City personal income taxes.Total return is a secondary goal : the fund seeks to add value through security selection with a focus on capital preservation and high tax-effective income. The fund invests predominantly in intermediate maturity securities, and will normally maintain an average duration of between three and seven years.The fund is managed by James Iselin et Blake Miller, helped by 14 analysts and traders. In total, the team manages over USD11bn in tax-exempt strategies for institutions and individuals.
27/03/2013

M&G tops EUR4bn in assets in France

P { margin-bottom: 0.08in; } As of the end of February, M&G passed the threshold of EUR4n in assets in France, the director of the firm for France, Brice Anger, announced in a conference on Tuesday. The British asset management firm, which has been in operation in Paris for slightly over 5 years, thus enters a new phase in its development in France. As of the end of 2012, the firm had EUR3.6bn in assets, after inflows of EUR1.7bn for the year as a whole. As of the end of 2011, assets totalled EUR1.5bn. Anger has also announced that the product range in France will be enlarged as two British equity funds, the M&G UK Growth Fund and M&G Recovery Fund, become eligible for PEA.Lastly, a new website will be launched at the end of April, Benjamin de Frouville, head of distribution for M&G in France, has announced.
27/03/2013

Banque Delubac hires for its private management bank

P { margin-bottom: 0.08in; } Banque Delubac et Cie on 26 March announced the arrival of Côme Jeanroy at Banque de Gestion Privée Delubac, the wealth management unit of the bank, and that it is offering a range of wealth management and investment solutions appropriate to family entrepreneurs. Jeanroy will report to Benjamin Le Moing, and will be responsible for developing entrepreneur clients, with the support of the investment bank, the asset management firm, and wealth and tax management experts at the bank. Jeanroy, 32, who holds a wealth management master’s degree from ESLSCA, joined Delubac & Cie in 2013. He began his career as a private banker at UBS, and then joined the wealth management teams at the Banque Privée 1818 and the Banque Cantonale de Genève.
27/03/2013

Régis Bégué promoted to managing partner at Lazard Frères Gestion

P { margin-bottom: 0.08in; } Régis Bégué, head of research and equity management, has been appointed to the position of managing partner at Lazard Frères Gestion, according to a statement released on 26 March. The joins the college of managing partners at Lazard Frères Gestion, which is chaired by François-Marc Durand and which includes Jean-Jacques de Gournay, head of relations with institutional investors and distribution, Matthieu Grouès, head of collective and institutional management, Sophie de Nadillac, head of development for private management, François de Saint-Pierre, head of private management, and Gilles Trancart, head of operations. Bégué, who joined Lazard in 2005, had previously been an equity manager for the European region.
27/03/2013

Gottex in the red for 2012

Guernsey-based Gottex, which is listed on the Swiss stock exchange, experienced a loss for 2012. The operating loss amounted to USD4.1m vs a profit of USD0.7m for 2011. The company declares a net loss after minority interests of USD7.7m vs USD2.5m the year before, a press release says. The 2013 fiscal year has been starting promisingly.Like for the preceding two years, Gottex will not pays a dividend for 2012.AUM at end-2012 were down to USD7bn vs USD7.3bn twelve months earlier.
27/03/2013

ABN Amro seeds an impact investing fund

P { margin-bottom: 0.08in; } The Netherlands-based firm ABN Amro has appointed Eric Buckens, who joins from the wealth management unit, to manage its first impact investing fund, which will initially have EUR10m in assets, and which aims to acquire 20% to 50% stakes in businesses based in the Netherlands, which combine a social return with a financial return, Fondneiuws reports.The ABN Amro Social Impact Fonds will not be open to clients at present, but may be released if it is successful. The portfolio will eventually include up to 15 stakes, and will belong to the sustainable development division of ABN Amro.
27/03/2013

Korean pension fund plans to open an office in Hong Kong

P { margin-bottom: 0.08in; } The Korean pension fund, whose assets under management total about USD340bn, is still planning to open an office in Hong Kong, Asian Investor reports. However, without the project being called into question, the opening of a Hong Kong office in 2013 has been postponed, as the pension fund esitmates that it needs to stabilise its New York and London offices first. As a part of its mid-term allocation programme, the Korean pension fund has also seen an increase in its equity allocation from 9.1% in 2003 to 25.4% in 2012, while in the same period the bond portfolio was reduced from 90% to 66%, and the allocation to alternative management rose from 0.2% in 2003 to 7.8% last year.
27/03/2013

UBP may buy Lloyds TSB Switzerland

P { margin-bottom: 0.08in; } Union Bancaire Privée (UBP), the Geneva-based private bank led by Guy de Picciotto, is reported to be in the running to acquire Lloyds TSB Switzerland, according to knowledgeable sources relayed by Bilan. The Swiss arm of the British group has about CHF12bn in assets under management in Geneva.
27/03/2013

DC Bank announces assets up 10%

P { margin-bottom: 0.08in; }DC Bank, a Swiss regional bank, has announced profits of EUR5.18m for 2012, down 7.2% compared with 2011. Acording to Finews, although clients of the bank are less prudent, assets in investment products, largely composed of fixed income products, have posted gains of 10% in one year. In 2013, the Berlin-based bank is predicting lower profits, aware that it is acting in a difficult environment.
27/03/2013

Gecina acquires the Mirabeau tower from DEGI International fund

P { margin-bottom: 0.08in; } The publicly-traded real estate investment fund Gecina announced at the beginning of this week that it has acquired the Mirabeau tower in Paris from Aberdeen, on behalf of the German fund DEGI International (which will be liquidated by 14 October 2014). The sale price is approximately EUR186m, excluding fees, a statement says. The immediate net return on the investment is slightly over 7%, and will increase to over 8% on the basis of a 100% occupancy rate, as the building had bee 88% occupied, largely by public bodies. The tower is located on the banks of the Seine river, in the 15th district of Paris.The net asset value of DEGI International has been revised downward by EUR01.5 on 25 March, to EUR34.85, a reduction of about 0.4%, due to a downward update to the market values of two properties in its portfolio located in Romania.
27/03/2013

Fitch updates ratings criteria for money market funds

P { margin-bottom: 0.08in; } The financial ratings agency Fitch Ratings on 26 March announced that, as it does every year, it has updated its ratings criteria for money market funds. The changes, which the agency calls limited, include a racalibration of exposures allowed by the sponsor of a money market funds, which includes the concentration and maturity profile of both secured and unsecured exposures. The changes will not lead to any alterations to ratings within the portfolios of money market funds rated by Fitch.
27/03/2013

Assets up and losses down at quirin bank

P { margin-bottom: 0.08in; } The Berlin-based quirin bank as of the end of December had assets of EUR2.4bn, compared with EUR2.3bn one year earlier, due to net subscriptions of EUR143m. Meanwhle, the firm, which operates solely on the basis of fees, in 2012 saw a loss of EUR0.9m, comapred with EUR4.9m the previous year.The number of clients has increased to 8,697, from 8,419.Currently, assets under management total EUR2.5bn, for about 9,000 clients.
27/03/2013

Allianz GI appoints new head of "global solutions" group

Thomas Wiesemann will be replaced by Arun Ratra on April, 15th as head of global solutions at Allianz Global Investors. He will report to CEO Elizabeth Corley and become a member of the global executive committee.The global solutions group employs 80 specialists and advises some EUR55bn in assets (see Newsmanagers of December 26th, 2012). The group covers four areas of expertise: Investment & Risk Advisory, Pension Solutions, Manager Research & Selection as well as hybrid Life/Asset Solutions.Arun Ratra was most recently head of global market group at Gulf Investment Corporation in Kuweit, after having served as CIO multi asset class solution at Credit Suisse Asset Management in Zurich.Thomas Wiesemann, Newsmanagers understands, will take over as head of «special distribution» at life insurer Allianz Leben.
27/03/2013

BNY Mellon recruits for derivatives clearing

P { margin-bottom: 0.08in; } The US firm BNY Mellon has announced an addition to its global team in the area of derivatives clearing. It has recruited Gregory Chemin, who worked at HPC in France and Newedge in Germany, as head of this operation in Frankfurt.Mark B. Gonzalez (New York) is also appointed at COO for derivatives clearing in the United States, while Paul Dex in London and John Guthrie and Thomas Twomey, in New York, will be responsible regionally for identifying and developing activities in the area of listed and OTC derivatives.The men will report to Sanjay Kannambadi, global head derivatives clearing services.
27/03/2013

Rathbones offers an absolute return fund

P { margin-bottom: 0.08in; } Rathbone Unit Trust Management is offering an absolute return fund, the Rathbone Heritage fund, a global value strategy based on stock-picking, Fundweb reports. The fund will be managed by Carl Slick, with Alan Dobble, quantitative analyst Elizabeth David, and analyst Kate Pettum. The fund, whose minimal subscription has been set at GBP1m, is primarily aimed at family offices, the high net worth client segment, and pension funds.
27/03/2013

European hedge fund stars welcomed by US funds with open arms

P { margin-bottom: 0.08in; } The major US hedge funds have taken part in launches of hedge funds last year in Europe, Prohedge reports. US funds had no difficulty recruiting European talent in an industry which is highly stable and has solid infrastructure. Pine River, Millennium, and SAC are among the firms which are said to have succeeded in attracting specialists from some new hedge funds that failed to take off, either due to insufficient performance, or simply because they failed to raise adequate capital, such as Edoma, the fund by Pierre-Henri Flamand, Benros, and Portman Square. Pine River is reported to have succeeded in recruiting two team members from Edoma, as well as Paul Godfrey from Portman Square. This is a setback for the European industry of new hedeg funds, which has been stagnating for about five years.
27/03/2013

Profits at Resolution down

P { margin-bottom: 0.08in; } Fundweb reports that Resolution reported pre-tax operating profits in 2012 of GBP274m, compared with EUR681m the previous year, a decline which is due to EUR404m in exceptional elements in 2011.Assets in the heritage division as of the end of 2012 fell to GBP68.7bn, compared with GBP70.8bn one year previously, while assets at the UK division increased to GBP19.7bn, from GBP16.9bn.

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