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06/02/2013

Assets under management up 5% at LLB

Assets under management by the Liechtensteinische Landesbank (LLB) as of the end of 2012 totalled CHF49.9bn, up 5% year on year, according to a statement released on 5 February. The development is largely due to positive market effects, as the bank has undergone a net outflow of CHF390m. LLB is expected to announce profits of CHF98m for 2012, a considerable increase compared with CHF15.4m the previous year. The bank will release detailed results on 22 March.
06/02/2013

Pictet and Lombard Odier change legal format

The two Swiss groups Pictet and Lombard Odier on 5 February announced plans to change their legal structure. From 1 January 2014, the two groups will opt for the legal format of a Swiss limited partnership with shares, which they say is better adapted to the growth they have achieved in recent years. The activities of Lombard Odier in Switzerland will be transferred to a limited company, like the other affiliates of the group.At Pictet, the new structure will include the management of all operational companies of the group, and will extend the ownership and management of the group of current managing partners. Pictet & Cie, the Swiss bank of the group, which currently is incorporated as a partnership, will become a limited partnership, like the other operational entities of the group.
06/02/2013

Templeton plans to sign up to UN PRI

Dirk de Vlaam, head of marketing and sales for the Netherlands, has announced that Franklin Templeton is planning to make a decision by the end of first quarter as to whether to sign the United Nations Principles for Responsible Investment (UN PRI), Fondsnieuws reports.The announcement follows requests from pension funds, then retail banks, he said. However, environmental, social and governance (ESG) accounting is already highly important in the investment process at Franklin Templeton, de Vlaam says.
06/02/2013

Dundee International REIT acquires portfolio from SEB AM

For USD568m, or EUR420m, the US firm Dundee International REIT will acquire a portfolio of 11 properties (137,200 square metres) in Germany from the Frankfurt-based SEB Asset Management. The transaction may be completed by the end of March, as the buyer will first be required to raise USD220m through a capital increase, and obtain mortgage-backed credits from four German institutions of USD354m at an average interest rate of 2.74% for a period of 6.8 years.Two of the properties to be purchased belong to the portfolio of the semi-institutional real estate fund SEB ImmoPortfolio Target Return Fund, while the other nine are office properties of the open-ended real estate fund SEB ImmoInvest (DE0009802306) fund, which SEB AM nine months ago decided to liquidate by 30 April 2017 (see Newsmanagers of 8 May 2012). The new sale will bring in liquidity to pay off creditors and partially reimburse subscribers.The Frankfurt-based asset management firm points out that in 2012, SEB ImmoInvest distributed about EUR1.3bn to its shareholders, equivalent to over 20% of its initial assets (EUR6.35bn).
06/02/2013

Santander AM takes over hedge fund firm Equilibria

The “free investment fund” ( management firm of Spanish-registered hedge funds) Equilibria Investments has sold control of its assets to Santander Asset Management, Funds People reports. Carlos Arenilla, who had been the sole manager remaining at Equilibria following the departure of Alvaro Sanmartin, becomes an adviser, a prospectus published on the CNMV website on 1 February indicates.Assets at Equilibria at the end of December totalled EUR32m, while Spanish hedge funds at Santander AM represented EUR75m.
06/02/2013

Rhenman & Partners AM recruits three

Rhenman & Partners Asset Management, an asset management firm based in Stockholm, specialised in the healthcare sector, has recruited three people, Fondbranschen reports. Ellinor Hult has joined the firm as an analyst and management assistant. Hult, formerly of Crdit Suisse, will work with Henrik Rhenman, Anders Grelsson has joined the firm as an institutional salesperson for Sweden, from Ålandsbanken. Lastly, Camilla Hermansson has been recruited as an assistant. She joins from Condender Kapital.
06/02/2013

Deka signs Eurosif transparency code

Frankfurt-based Deka Investment has announced that it has signed the sustainable development fund code of the European Sustainable and Responsible Investment Forum (Eurosif) for its Nachhaltigkeitsfonds Deka-Stiftungen Balance, Deka-Nachhaltigkeit Aktien, Deka-Nachhaltigkeit Renten and Deka-Nachhaltigkeit Balance funds. By so doing, the asset management firm pledges to respect the transparency principles of the code, developed in 2008, which have now been signed up to by 350 funds in Europe. The products are also authorised to carry the corresponding transparency logo.Deka, which has been a member of the Forum Nachhaltige Geldanlagen, an organisation to promote sustainable investment in the German-speaking countries, since 2011, has since September 2012 been a signatory to the United Nations Principles for Responsible Investment (UN PRI).Currently, assets in sustainable development funds from Deka total about EUR2bn.
06/02/2013

Pension funds reduce investments in commodities

Pension funds and other institutionals are withdrawing their investments related to commodities, after observing that they did not genuinely protect their portfolios against inflationary risks and volatility on equity markets, the Wall Street Journal reports. Investors have withdrawn nearly USD10bn from tradeable indices of energies, foods, metals and other commodities, after two years of record subscriptions. There remain USD133bn in these investments. The trend is accelerating this year. Among those who have reduced their investments in commodities is CalPERS, which withdrew 55% of its stake in commodity indices in October, after losing 8% per year for 5 years.
06/02/2013

Chairman of Goldman Sachs AM resigns

The economist Jim O’Neill, who coined the acronym BRIC, is leaving his position as chairman of the asset management division at Goldman Sachs, where he has worked since 2010, Agefi reports. There are currently no plans to replace him, as the position was created especially for him.
06/02/2013

Henderson recruits US credit team

Henderson Global Investors has hired credit manager Kevin Loome and five US credit specialists who used to work at Delaware Investments. The team, which joined Henderson on 4th of February, consists of Kevin Loome, head of Credit, U.S, Charles Devereux, head analyst, Devon Everhart, senior analyst, Douglas Zinser, senior analyst, Matthew Fanandakis, analyst, and Gregg Gola, trader/analyst. They have worked together for over five years.The team will be based in Philadelphia and Kevin Loome will report to global head of credit, Stephen Thariyan with the remaining team reporting to Kevin Loome.
06/02/2013

eFinancialCareers: Job openings in finance down 19% year on year

Recruitment in the finance sector in France had a hard year in 2012. According to figures from eFinancialCareers, a website specialised in finance job offers, the number of jobs announced was down 19% in France between 1 January 2012 and 1 January 2013. Internationally, the situation is not reassuring. In the United States, the United Kingdom, continental Europe and Asia-Pacific, the number of job offers was down 26% year on year, from 7,760 on 1 January 2012, to 5,774 as of 1 January 2013. The United Kingdom has seen the steepest drop, with 31% fewer job offers on 1 January 2013. The number of job offers in continental Europe fell 22%.
06/02/2013

Macquare and Tikehau lend to Oaktree for acquisition

As part of a French credit programme for EUR200m approved last summer (see Newsmanagers of 17 July 2012), Macquarie Lending and Tikehau Investment Management have awarded a unitranche financing totalling EUR53m to Oaktree Capital Management to acquire the Finnish firm Evac OY, the global leader in the collection and treatment of waste water.The Macquarie group had EUR275bn in assets as of the end of September, while Tikehau IM had EUR1.3bn in assets under management as of the end of December.
06/02/2013

Vanguard CEO is sceptical of multi-asset class funds

In the post-financial crisis environment, one of the major risks for asset management firms is the emphasis being placed on macro type products, the global CEO of Vanguard, Mill McNabb, says. In an interview with Asian Investor, when asked whether multi-asset class funds represent an attractive variation on diversified architecture, McNabb replies that “the numerous tactical elements of these products make me nervous.”
06/02/2013

Eaton Vance launches bond fund

The US firm Eaton Vance Management has announced the launch of the high yield bond fund Eaton Vance Bond Fund. The fund may invest at least 80% of its assets in bonds and other high yield instruments, and up to 20% in ordinary shares. The fund may also invest up to 35% of its assets in bonds and other high yield instruments rated speculative grade.
06/02/2013

WisdomTree profits virtually quadrupled in 2012

For the fiscal year ending on 31 December, the ETF asset management firm WisdomTree Investments Inc has declared net profits of USD11m, compared with USD3.1m in 2011. Assets increased to USD18.3bn as of the end of 2012, compared with USD16.8bn three months earlier, and USD12.2n as of 31 December 2012.Jonathan Steinberg, chairman & CEO, points out that net subscriptions last year totalled USD4.7bn, compared with USD3.9bn in 2011.
06/02/2013

Soros veteran joins Keith Anderson's fund

Keith Anderson, former chief investment officer of George Soros, has recruited Doug Paul, who worked at Crédit Suisse for 40 years, as chairman of the hedge fund he launched after leaving Soros Fund Management in July 2011, the news agency Bloomberg reports. Anderson’s fund, based in New York, Anderson Global Macro, will track macro-economic trends, and will play the bond, currency, commodity and equity markets.
06/02/2013

Mirabaud launches a high yield bond fund

The asset management arm of the Swiss firm Mirabaud has announced the launch of a traditional global high yield bond fund, Mirabaud – Global High Yield Bonds, which is managed by Andrew Lake, who has recently been recruited from Aviva Investors (see Newsmanagers of 8 November). Lake will be assisted by Alexander Lushnikov, an analyst who had worked at Crédit Agricole.The new Luxembourg-registered product will combine active management and stock-picking. The portfolio will be based around 80 positions. Assets already total USD125m.CharacteristicsName: Mirabaud – Global High Yield BondsISIN codes:A share class (all investors)A cap USD: LU0862027272AH cap EUR: LU0862027439AH cap GBP: LU0862027868AH cap CHF: LU0862028080(AH shares are hedged for currency risks)Institutional share classesI cap USD : LU0862028247IH cap CHF : LU0862029724 (hedged)Management commissions:A share class: 1.20%I share class: 0.60%Licensed for sale in: LU, FR, ES, UK, (CH in progress)
06/02/2013

Barclays makes a further GBP1bn in provisions

The British bank Barclays will make further provisions totalling GBP1bn overall, to cover legal costs related to abusive sales of financial products, according to a statement released on 5 February. The bank will also announce an additional provision of GBP400m to reimburse SMEs to which it abusively sold products, such as interest rate coverage products, like other British banks. The British Financial Services Authority (FSA) last Thursday announced that Barclays, HSBC, Lloyds and RBS would be required to reimburse SMEs. The financial regulator reviewed sales of 173 financial products of this type, and concluded that over 90% of them contravened its rules. Barclays has also announced that it will be required to make an additional provision of GBP600m to cover legal actions related to forced sales of credit insurance. The total bill for the bank now comes to GBP2.6bn.
06/02/2013

Barings speaks out in favour of diversified management

The differences in returns between various asset classes persisted in 2012, increasing the attraction of a diversified approach to portfolio management, a study by Barings of the past five yearsa has found. Although European equities top the list in 2012, with +17.8%, they railed far behind in 2011 (-15.2%), 2010 (+5.3%), and 2008 (-24.4%). Percival Stanion, head of the multi-asset class team, says that “equity markets worldwide were positively oriented in 2012, as emerging markets profited from a rebound in activities in China. However, volatility remained high. Our study finds that the best-performing asset classes, like the worst-performing ones, were not the same from one year to the next. This strengthens the attraction of diversified funds, which have proven their effectiveness, as their asset allocation may develop strongly in line with conjuncture.”
06/02/2013

Swiss & Global loses its chief investment officer

As a result of the recently-announced reorganisation of GAM Holding (see Newsmanagers of 16 January), Stefan Angele is leaving his job as head investment management at Swiss and Global, the asset management firm has confirmed to finews. The chief investment officers in four sectors (bonds, equities, multi-asset class and commodities) now report directly to CEO David Solo, meaning that the position held by Angele now becomes redundant.
06/02/2013

Baring Brothers Sturdza Bank acquires Swiss firm Coges

The Baring Brothers Sturdza bank in Geneva on 4 February 2013 announced that it has acquired all capital in Coges Corraterie Gestion SA< an independent wealth management firm based in Geneva. Assets under management and the sale price were not disclosed. “Coges will continue to operate independently, a staement says, ensuring that its relationships with its current clients will be preserved, while offering them a complementary platform of services and expertise,” a statement says. All personel at Coges will be retained, and Luca Micheli becomes CEO. The current CEO, Philippe R. Calame, will join the board of directors at Coges, and becomes a board member at the bank, where he will report directly to Eric I. Sturdza, its chairman.
06/02/2013

AUM at Banque Cantonale de Lucerne up 6.5%

Assets under management at the Banque cantonale de Lucerne last year rose 6.5% to a total of CHF26.8bn, according to a statement released on 5 February. Net inflows totalled CHF600m, compared with CHF382m the previous year, the bank says.
06/02/2013

Barclays provisionne un milliard de livres supplémentaires

La banque britannique Barclays a annoncé le 5 février qu’elle va passer de nouvelles provisions d’un montant total de 1 milliard de livres afin de faire face aux contentieux liés aux ventes abusives de produits financiers. C’est la quatrième provision décidée pour l’accusation de ventes abusives. Au total, ces provisions représentent 2,6 milliards de livres.
06/02/2013

Alliance Trust devient officiellement acteur de l’ISR britannique

Désormais, le tranfert du statut d’Authorised Corporate Director (ACD) d’Aviva Investors au profit d’Alliance Trust Investments pour un portefeuille de sept OEIC ISR avec un encours de 1,2 milliard de livres est bouclé.Les fonds Sustainable Future continuent d’être gérés par l’ancienne équipe ISR d’Aviva Investors dirigée par Peter Michaelis et passée chez Alliance Trust en août 2012. Alliance Trust demeure «sub-advisor» de la sicav Sustainable Future Pan European Equity Fund.
06/02/2013

Rhenman & Partners AM recrute trois personnes

Rhenman & Partners Asset Management, société de gestion basée à Stockholm spécialisée dans le secteur de la santé, a recruté trois personnes, rapporte Fondbranschen. Ellinor Hult est arrivée en tant qu’analyste et assistante de gestion. Cette ancienne du Credit Suisse travaillera aux côtés d’Henrik Rhenman. Anders Grelsson a rejoint la société en tant que commercial institutionnel en Suède en provenance d’Ålandsbanken. Enfin, Camilla Hermansson est recrutée en tant qu’assistante. Elle vient de Contender Kapital.
06/02/2013
Fonds

Universal propose un fonds d'actions d'Europe méridionale

Partant du principe que la crise de la dette a ouvert des possibilités intéressantes d’entrée dans des entreprises attrayantes et qu’il est possible d’investir dans des sociétés financièrement solides dans une région qui offre de bonnes chances de croissance ultérieure, Universal-Investment (158 milliards d’euros d’encours) a lancé le fonds d’actions Aktien Südeuropa UI qui se focalise sur l’Europe méridionale.Le fonds est géré par Matthias Habbel, Andreas Hauser et Bernd Haferstock de l'équipe actions du gestionnaire de fortune Habbel, Pohlig & Partner (HP&P) basé à Wiesbaden (500 millions d’euros d’encours). Le portefeuille comportera environ 40 lignes.CaractéristiquesDénomination : Aktien Südeuropa UICode Isin : DE000A1J9A74Droit d’entrée : 5 % maximumCommission de gestion : actuellement 1,68 %Commission de performance : 10 % de la surperformance par rapport au taux butoir avec high watermark
Fonds
06/02/2013
Fonds

Dundee International REIT acquiert un portefeuille auprès de SEB AM

Pour 568 millions de dollars ou 420 millions d’euros, l’américain Dundee International REIT devrait acquérir un portefeuille de onze immeubles (137.200 mètres carrés) situés en Allemagne auprès du francfortois SEB Asset Management. La transaction pourrait être bouclée pour la fin mars, sachant que l’acquéreur doit d’abord lever 220 millions de dollars par une augmentation de capital et obtenir de quatre établissements allemands un crédit hypothécaire de 354 millions de dollars à un taux moyen de 2,74 % sur une échéance de 6,8 ans.Deux des immeubles vendus font partie du portefeuille du fonds immobilier semi-institutionnel SEB ImmoPortfolio Target Return Fund tandis que les neuf autres sont des immeubles de bureaux du fonds immobilier offert au public SEB ImmoInvest (DE0009802306) que SEB AM a décidé il y a neuf mois de liquider d’ici à 30 avril 2017 (lire Newsamanagers du 9 mai 2012). Cette nouvelle cession permettra de dégager des liquidités pour désintéresser les créanciers et pour rembourser en partie les souscripteurs. Le gestionnaire francfortois rappelle qu’en 2012 le SEB ImmoInvest a déjà distribué à ses porteurs environ 1,3 milliard d’euros, soit plus de 20 % de ses encours initiaux (6,35 milliards d’euros).
Fonds
06/02/2013
Fonds

NordLB AM lance un L/S d'actions allemandes

Le 1er février, NordLB Asset Management a lancé un fonds long/short coordonné offert au public mais surtout destiné aux family offices et aux investisseurs institutionnels (souscription minimale : 250.000 euros), le NordLB AM Aktien Deutschland LS. Ce fonds d’actions investira au maximum 100 % de ses encours dans des ETF sur l’indice Dax ; en cas de position neutre, l'équipe de gestion vendra des futures sur le Dax pour la contrevaleur des ETF. Si les gérants choisissent de vendre à découvert, ils vendront un nombre double de contrats à terme.CaractéristiquesDénomination : Nord/LB AM Aktien Deutschland LSCode Isin : DE000A1J3WL9Commission de gestion : 0,33 %Commission de performance : 20% de la surperformance par rapport au taux butoir (Dax + 500 points de base)
Fonds
06/02/2013

L'Allemagne adjuge 3,27 milliards de dette à cinq ans

L’Allemagne a adjugé pour 3,269 milliards d’euros de dette à cinq ans (Bobl), suscitant une demande un peu supérieure à celle d’une précédente émission en novembre, les investisseurs, encore circonspects, continuant à rechercher la sécurité. Le ratio de couverture a été de 1,9 contre 1,8 lors de l’adjudication du 28 novembre, montrent des données de la Bundesbank. En revanche, l’Allemagne a payé plus cher pour placer son papier, l’adjudication ayant dégagé un taux de rendement moyen de 0,68% contre 0,53%.

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