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08/01/2013

Les postes vacants dans la finance suisse se font rares

Les emplois proposés dans le secteur financier en Suisse sont de plus en plus rares. A fin décembre 2012, 3.077 postes étaient vacants, soit autant qu'à fin 2009 . Les postes libres ont chuté de 7,1 % par rapport au début d’année. La baisse est visible dans l’ensemble des métiers (banque, assurance, sociétés de services). Finews constate que de plus en plus de postes sont attribués aux jeunes diplômés et aux stagiaires et que l’externalisation est une tendance qui dure.
08/01/2013

Deux nominations chez Sanford C. Bernstein et AllianceBernstein

AllianceBernstein a annoncé que sa filiale Sanford C. Bernstein, spécialiste de la recherche et du courtage dans le domaine des actions, a recruté le responsable mondiale des actions de Jefferies & Company, Jason Griffith, comme responsable mondial du trading. Il sera subordonné directement à Robert van Brugge, chairman & CEO de la société.D’autre part, suite à la démission de Richard Haxe co-responsable du EMEA client group, AllianceBernstein a promu Timothy Ryan comme seul responsable du EMEA client group. Ce dernier était jusqu'à présent CEO d’AllianceBernstein Ltd et co-head du EMEA client group. Il reste subordonné à Robert Keith, responsable des services clients institutionnels et retail, des ventes et du marketing.
08/01/2013

L'AFG annonce deux nominations parmi ses cadres

Dans son dernier numéro d’information, l’Association Financière de la Gestion financière (AFG) a annoncé la nomination d’Eric Pinon à la fonction de président de la commission Sociétés de Gestion Entrepreneuriales de l’association. Eric Pinon qui dirige Acer Finance et siège au conseil d’administration de l’AFG ainsi qu’à la commission consultative des activités de gestion individuelle et collective de l’AMF succède à Muriel Faure qui reste vice-président. Par ailleurs, Pierre Bollon, l’actuel délégué général de l’AFG, a été nommé vice-président de PensionsEurope, l’association européenne des dispositifs de retraite d’entreprise.
08/01/2013

Société Générale Private Banking nomme deux nouveaux patrons pays

Après la Suisse et le Japon, le Luxembourg change de responsable de la banque privée. La Société Générale vient d’y nommer Olivier Lecler directeur général adjoint de Société Générale Bank & Trust, son entité locale, rapporte L’Agefi. Jusque-là patron de Société Générale Private Banking (SGPB) Monaco, il sera en charge de l’activité de banque privée au Grand-Duché, en remplacement de Claudio Bacceli. Ce dernier devient directeur de la clientèle des intermédiaires financiers pour l’ensemble du métier.Thierry Garde remplace quant à lui Olivier Lecler au poste de directeur général de SGPB Monaco. Il était jusqu’alors directeur adjoint de l’activité en Belgique, après des fonctions similaires en Grande-Bretagne.
08/01/2013
Fonds

Carlyle sort du capital de China Pacific

Selon L’Agefi, la société de private-equity Carlyle a levé 796 millions de dollars en cédant le reliquat de sa participation dans le groupe chinois China Pacific coté à Hong Kong. Carlyle aurait ainsi cédé 204 millions d’actions de China Pacific, soit 2,2% du capital.
Fonds
08/01/2013

Le GIC aura un nouveau directeur de l'investissement en février

Lim Chow Kiat, deputy group chief investment officer, sera promu au 1er février 2013 group CIO du fonds souverain Government of Singapore Investment Corporation (GIC), en remplacement de Ng Kok Song, qui prendra sa retraite après avoir géré pendant 42 ans les réserves de change de la ville-Etat. Il était group CIO depuis 2007.Le nouveau global CIO conservera jusqu'à nouvel ordre ses fonctions de président de GIC Asset Management.
08/01/2013

Schroders Property IM holds a real estate closing at EUR225m

Schroders Property Investment Management (SPrIM) has announced the first close of a Schroder Core European Property Fund specifically designed for Swiss tax exempt pension schemes. The fund closed on 21 December 2012 at EUR225 million. It is expected to double in size before a second close later this year. SPrIM is the Investment Manager, the fund was launched in partnership with Zurich Investment Foundation.
08/01/2013

Investec recruits head of distribution from Argonaut

John Lester, who will have spent only six moths as director of distribution at Argunaut, after serving as head of strategic partnerships at Neptune Investment Management, has been recruited as a sales manager in the client group at Investec Asset Management, a strategically important group in the environment created by the introduction of RDR legislation, Fundweb reports.
08/01/2013

Patrizia Immobilien acquires Tamar Capital Group

The Munich-based Patrizia Immobilien (600 employees, EUR7.5bn in assets, of which 80% are for external clients) at the end of 2012 announed that it has acquired the British firm Tamar Capital Group (21 employees, EUR700m in assets). The transaction has yet to be approve by the FSA, and Tamar will be consolidated onto the books at Patrizia from 1st quarter 2013.
08/01/2013

Vanguard AM recruits a former iShares head

Vanguard Asset Management has recruited Axel Lomholt as head of its Europe product development and management function. He spent six years at Blackrock/BGI, where he was managing director and head of iShares product development for EMEA.Axel Lomholt will be responsible for managing the continued build-out of Vanguard’s product range and its ETF capital markets team, as well as providing technical support to the company’s client-facing functions. He will join the Vanguard Europe management team, will be based in London, and will report to managing director Tom Rampulla.Vanguard recently launched its first suite of European domiciled exchange traded funds (ETFs), which have garnered assets of roughly GBP170 million since launch. The pan-European business serves retail, IFA and institutional investors including pension schemes, insurance companies, multi-managers, funds-of-funds and sovereign wealth funds. Vanguard’s European headquarters are in London, with regional offices in Zurich, Paris and Amsterdam.
08/01/2013

Standard Life Investments recruits in Asia

The British asset management firm Standard Life Investments (SLI) is building its presence in Asia, with the recruitment of Allen Wang to direct institutional sales in Asia, Asian Investor reports. Wang previously spent 13 years at BlackRock, most recently as head of institutional activities in Taiwan and China. SLI is also seeking a head of wholesale activities for the region. Assets under management at SLI total about USD261bn, of which only USD1bn to USD2bn come from the Asia-Pacific region.
08/01/2013

Old Mutual hopes to double assets

Julian Ide, CEO of Old Mutual Global Investors, is hoping to double assets under management by the group from GBP13bn currently within three years, Financial Times Fund Management reports. The asset management is in the process of rebranding, after abandoning the name Skandia. As a part of this move, the firm has recruited 21 managers in the past three months. Additional recruitments of fund managers are expected.
08/01/2013

Global ETP assets up 27.6% in 2012

As of the end of 2012, assets under management in ETF and other ETPs worldwide totalled a new all-time record of USD1.95trn, compared with USD1.53trn twelve months earlier, which represents an increase of 27.6% in one year, ETFGI reports. The top three players in the sector as of the end of December had asses representing 68.9% of the total, of which USD760bn were at iShares (BlackRock), USD337bn at SPDR ETF (State Street Global Advisors, or SSgA), and USD246bn for Vanguard. In other terms, the other 205 providers of ETPs have market shares of under 4% each.In terms of flows, the top three firms attracted about USD179.5bn in 2012, or 67.6% of total net subscriptions of USD265.3bn (compared with USD170.1bn in 2011). iShares led with USD87bn, followed by Vanguard (USD54.2bn) and SPDR ETF with USD38.3bn. Equity ETF and ETP funds posted net inflows of USD167.3bn, while fixed income products totalled USD62.9bn, and commodities brought in USD23.1bn.The top three index providers last year were S&P Dow Jones, with 1,103 products and total assets of USD481.9bn, which attracted USD59.9bn in net subscriptions, MSCI (572 products, USD405.4bn in assets under management and USD56.9bn in net subscriptions) and Barclays Capital (185 products, USD180.7bn in assets).
08/01/2013

AMAC welcomes 25 new members

In December, the Chinese securities commission (CSRC) authorised insurers, private equity companies and brokerage firms to become active in the management of investment funds. As a result, Asian Investor reports, the Asset Management Association of China (AMAC) has opened to members in these three categories, and has accepted 25 new members, as membership in the association is a requirement for receiving a license to offer funds.Among the new members are PICC Asset Management, the asset management arm of the People’s Insurance Company, Ping An Russell Investment Management, Fidelity (Hong Kong), HSBC (China) and UBS Global Asset Management (Singapore and China).
08/01/2013

Pyramis hires head of portfolio management

Pam R. Holding, who had been managing director, global value equities at Putnam Investments from 2001 to 2009, has joined Pyramis Global Advisors (PGA, Fidelity group), which has USD190bn in assets under management, of which USD112bn are in equity products, as head of portfolio management. In this newly-created position, Holding will report to Young Chin, chief investment officer.Holding will be responsible for directing equity portfolio management teams, and overseeing strategy and its implementation for institutional clients.
08/01/2013

Société Générale Private Banking appoints two new country heads

Following Switzerland and Japan, Lxuembourg is getting a new head of private banking. Société Générale has appointed Olivier Lecler as deputy CEO of Société Générale Bank & Trust, its local entity, Agefi reports. Lecler, who had previously been head of Société Générale Private Banking (SGPB) Monaco, will be responsible for private banking activities in Luxembourg, replacing Claudio Bacceli, who becomes director of financial intermediary clients for the entire profession. Thierry Garde replaces Lecler as CEO of SGPB Monaco, He had previously been deputy director of the activity in Belgium, and previously held a similar role in the UK.
08/01/2013

Appointments at Sanford C. Bernstein and AllianceBernstein

AllianceBernstein has announced that its affiliate Sanford C. Bernstein, a specialist in research and brokerage in equities, has recruited the global head of equities from Jefferies & Company, Jason Griffith, as global head of trading. He will report directly to Robert van Brugge, chairman & CEO of the firm.Meanwhile, following the resignation of Richard Haxe as co-head of the EMEA client group, AllianceBernstein has promoted Timothy Ryan as sole head of the EMEA client group. He had previously been CEO of AllianceBernstein Ltd and co-head of the EMEA client group. He will continue to report to Robert Keith, head of institutional and retail client services, sales and marketing.
08/01/2013

Philippe Loiseau appointed as COO of Edmond de Rothschild group

According to multiple sources, Philippe Loiseau yesterday became chief operating officer (COO) at the Edmond de Rothschild group, Agefi reports. For five years, he had served as director of resources at Société Générale Private Banking, after seven years at PwC as a consultant, and eight years at the BNP Paribas private bank. Lioseau will be based in Paris, and will oversee operations and IT systems for the entire French-Swiss group. He will be involved in the mutualisation or co-ordination of resources (including back office, middle office and IT activities) as part of a strategic plan for 2016 unveiled last month, the newspaper reports.
08/01/2013

Goldman and Perry to float a part of LEG on stock market

According to reports in Die Welt, the Whitehall fund from Goldman Sachs and the private equity investor Perry Capital are planning to launch part (probably one third) of the residential real estate firm LEG (91,000 housing units), which they acquired in 2008 from the German region of North Rhine/Westphalia for EUR3.4bn, of which EUR2.6bn were debt, on the German stock market. The IPO, planned for the first half of February, would be led by Goldman Sachs and Deutsche Bank.
08/01/2013

Vacancies in Swiss finance are increasingly rare

Job vacancies in the finance sector in Switzerland are increasingly scarce. At the end of December 2012, 3,077 positions were vacant, as many as at the end of 2009. Free positions were down 7.1% compared with the beginning of the year. The decline is visible throughout all professions (banking, insurance, services companies). Finews reports that a growing number of positions are being awarded to young graduates and interns and that outsourcing is a trend which will be likely to last.
08/01/2013

Strong increase in assets at Fisch AM in 2012

As of the end of December 2012, assets under management by Fisch Asset Management totalled CHF7.3bn, compared with CHF5.2bn twelve months earlier, largely due to net subscriptions of CHF1.7bn, Fonds Professionell reports.
08/01/2013

Sarasin to publish 13 sustainability studies in 2013

In 2013, the sustainability analysis team at Sarasin will publish a detailed report every month including commentary on an economic theme or sector. Two publications will be released in January 2013: the sustainability of government borrowing, and tourism will be the first subjects treated.Among the subjects that will be addressed subsequently are communication technologies and consumer spending, water desalination, urban sustainability, sustainable investment in Brazil, and fracking.
08/01/2013

Cerberus fund sells most of it stake in Japanese Aozora bank

U.S. private-equity firm Cerberus Capital Management plans to sell most of its 57.8% stake in Japanese lender Aozora Bank. It will keep 7.74% and thus remain the largest shareholder in the bank. The unit price for the 632.50 million shares (including a greenshoe option of 41.25 million shares) at which Cerberus is prepared to sell will be determined between 16 and 18 January, Aozora states in a document for investors. The sale will mark a significant reduction in the presence of the Cerberus fund in Japan, where it is also a shareholder in Seibu Holdings, a railway and hotel group.
08/01/2013

AWD will miss its 2012 objectives

The German affiliate of Swiss Life, AWD, which in November 2012 was renamed as Swiss Life Select, has missed its annual profit objectives by a wide margin. The specialist in financial advising “will not even achieve 10%” of its expected CHF50m to CHF60m profits, Focus magazine reported on 6 January.The magazine, which refers to sources familiar with the matter, cites poor results and provisions that AWD was forced to make to cover reimbursement for poor advising, particularly in Austria, as reasons. Another reason given is the departure of several advisers.Swiss Life in November announced at its investor day that it was reorganising distribution of financial products and changing the name of its German affiliate. This will lead to a fourth quarter charge of CHF576m. The name change will cost Swiss Life CHF94m. Amortisations total CHF96m for activities abandoned in Slovakia and Hungary. The remaining CHF386m is goodwill.
08/01/2013

MEAG recruits a CEO

Philipp Waldstein Wartenberg, who had been head of group strategic funding & portfolio at UniCredit in Milan since 2006, was on 1 December appointed as a managing director of MEAG (EUR24bn in assets), to be responsible for the portfolio management of securities, currencies and money market instruments.Meanwhile, MEAG, a joint venture of Munich Re and Ergo, has announced that its CEO, Dieter Wolf, 62, will be retiring on 31 March 2013.
08/01/2013

Strong sales for Union's institutional RE unit

Christoph Schumacher, one of Union Investment Institutional Property GmbH’s MDs, has announced that net subscriptions and subscription commitments from institutional clients to in-house real estate products (EUR3.5bn in assets) totalled over EUR1.5bn in 2012, compared with EUR1bn in 2011.The open-ended real estate funds reserved for institutional investors UniInstitutional European Real Estate and UniInstitutional German Real Estate attracted EUR620m. The second fund, launched on 17 October, was three times oversubscribed within the first five hours. It is a fund reserved for religious organisations, co-operative banks and foundations, with subscriptions limited to EUR2m per investor.Institutional real estate funds have also posted subscription commitments of EUR960m, of which EUR850m were for retirement schemes, banks and insurers, and EUR100m in additional new subscriptions to existing institutional funds.Lastly, Union last year launched the institutional infrastructure fund UniInstututional Erneuerbare Energien Sicav-SIF, which specialises in renewable energies, particularly wind, in Europe. The fund reached EUR48m at its first closing.
08/01/2013

New head of marketing at Pax World Management

The head of marketing at Eaton Vance, Judy May, has joined the SRI asset management firm Pax World Management as senior vice president of marketing. She will report to Joe Keefe, chairman & CEO.
08/01/2013

Munich Re invests in wind energy in France via MEAG

As part of its EUR2.5bn Renewable Energies and New Technologies (RENT) programme, Munich Re has invested an amount in the hundreds of millions of euros to acquire a 40% stake in a joint venture which has acquired 32 wind farms in France. The units, with a total power generating capacity of 321.4 megawatts, were added to the French electricity network between 2006 and 2012; they use turbines from various manufacturers.Munich Re is participating in the deal via its asset management joint venture with Ergo, the Munich-based MEAG. The other two partners are GE Energy Financial Services, which also holds 40% of shares in the joint venture, and EDF Energies Nouvelles, which controls the remainder and is responsible for operating the facilities.
08/01/2013

Pictet launches corporate EMD fund

Pictet & Cie is launching the Pictet Emerging Corporate Bonds fund, a sub-fund of its Luxembourg Sicav investing in private bonds from companies in emerging markets. The fund will be managed by Alain Nsiona Defise, who is based in London, and who left JPMorgan AM last year to join the Swiss asset management firm and become head of a team of specialists in emerging market corporate bonds.The fund has been registered in France since 10 December 2012.CharacteristicsISIN code: LU0844697853Front-end fees: Maximum 5%Withdrawal penalty: Maximum 1%Management commission: 1.5%
08/01/2013

DJ Credit Suisse hedge fund index up 0.99%

The Dow Jones Credit Suisse Core Hedge Fund index rose 0.99% in December, as each component of the index contributed to gains. The best-performing strategy in December was event-driven (2.14%), followed by emerging markets (1.34%) and Global Macro (0.89%), while the worst performer was managed futures (0.15%). For the year as a whole, the benchmark index shows gains of 3.38%, with contributions of 6.99% from convertible arbitrage and 6.75% for event-driven. Managed futures strategies finished the year with losses of 5.51%.

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