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03/10/2012

Alain Defise rejoint Pictet à Londres

Le suisse Pictet se dote d’une équipe de spécialistes des obligations d’entreprises des marchés émergents pour laquelle il a recruté Alain Nsiona Defise, qui était auparavant responsable de la dette émergente d’entreprises chez J.P. Morgan Asset Management (JPMAM) qu’il avait rejoint en provenance de Fortis Investments. Chez JPMAM il était responsable d’un pôle de 2 milliards de dollars d’encours.Alain Nsiona Defise, basé à Londres, sera à la tête d’une équipe de trois analystes spécialistes de la dette émergente d’entreprise, Vincent Ferraton, Rosemary Fu et Teck Hoon Low. «A eux quatre, ils possèdent une expérience moyenne de plus de quinze ans dans les domaines de l’analyse obligataire et des investissements en obligations d’entreprises de pays émergents», précise Pictet.Funds People rapporte de son côté que Pictet a recruté en Espagne Juan Carlos Martíin Aparicio comme banquier privé senior, qui traavaillait chez Barclays Wealth à Madrid.
03/10/2012
Fonds

Lancement du Battle Against Cancer Investment Trust

Plusieurs gérants star de la City de Londres se sont regroupés pour lancer le Battle Against Cancer Investment Trust (Bacit), un trust qui a déjà attiré 500 millions de livres. 1 % des encours totaux seront d’ores et déjà versé à des organisations de recherche contre le cancer. Aucun frais de gestion ne sera facturé aux investisseurs. Le produit, coté à Londres, lèvera des fonds pour soutenir des actions en faveur de la lutte contre la maladie, précise le Daily Mail.
Fonds
03/10/2012

S&P Capital IQ renforce sa recherche

Fournisseur de données et d’analyses multi-classes d’actifs aux investisseurs institutionnels, aux conseillers en investissement et aux gestionnaires de fortune, S&P Capital IQ a annoncé le recrutement à Londres de Roger Hirst comme vice president & director European equity research operations ainsi que des analystes actions William Mack et Roderick Wallace. A New York, la société a embauché deux analystes actions, Barbara Coffey et David Lewis.
03/10/2012

ETF Securities recrute chez BoaML

Le nouveau responsable de la distribution Europe, Moyen-Orient & Afrique d’ETF Securities est Matt Johnson, qui était co-head of derivative sales pour la même région chez Bank of America Merrill Lynch, rapporte Fundweb. L’intéressé sera subordonné directement à Graham Tuckwell, le PDG.
03/10/2012

Carmignac Gestion était dans le viseur de l’AMF italienne

Mi-décembre 2010, la Consob, l’autorité italienne des marchés financiers, avait adressé une note d’information concernant Carmignac Gestion à sa cousine française, l’AMF (Autorité des marchés financiers), révèle Plus, le supplément hebdomadaire d’Il Sole – 24 Ore. Cette note se focalisait notamment sur l’utilisation de dérivés OTC (de gré à gré). Cette révélation intervient alors que Carmignac Gestion a transigé avec l’AMF et versé 500.000 euros pour des manquements en matière de transparence sur l’utilisation de dérivés.
03/10/2012

Valartis ouvre une filiale à Lugano et optimise son organisation

Valartis a annoncé le 2 octobre l’ouverture d’une succursale à Lugano et l’optimisation de sa structure d’organisation en vue d’améliorer sa gouvernance d’entreprise et la gestion de ses coûts.Cette présence dans le Tessin s’inscrit dans le cadre de l'évolution de l’environnement bancaire suisse, qui a aussi amené la banque ces derniers mois à étoffer ses effectifs à Genève et à Zurich. Il faut comprendre la nomination du CEO de Valartis Suisse, Vincenzo Di Pierri, à la double nationalité suisse et italienne, comme une reconnaissance de l’importance grandissante du marché italien pour la banque, souligne un communiqué.Au niveau du groupe Valartis, l’Executive Management sera réduit de cinq à quatre membres dès le 1er novembre 2012. Il sera composé de Gustav Stenbolt (Group CEO), George M. Isliker (Chief Financial Officer et Chief Risk Officer), Vincenzo Di Pierri (CEO de Valartis Bank SA, Suisse), et Andreas Insam (CEO de Valartis Bank (Liechtenstein) SA).Afin de mieux répondre aux évolutions réglementaires, Valartis a par ailleurs revu son organisation, en introduisant notamment une organisation matricielle sur l’ensemble du groupe dans ses activités Finance, Risk Management et Compliance, ce qui lui permettra également de mieux tirer parti des potentiels de synergies au sein du groupe.Dans le cadre de cette nouvelle organisation, Ernst Traun, CEO depuis plusieurs années de Valartis Bank (Autriche) SA, démissionne à fin octobre de ses fonctions à Vienne et du Group Executive Management, pour se concentrer sur le développement de la clientèle et des activités de front office. Avec des prérogatives importantes, Ernst Traun devrait donner de nouvelles impulsions pour développer les activités de gestion privée du groupe.
03/10/2012

Les banques perdent leurs équipes au profit des sociétés de gestion

A Wall Street, traders, analystes, stratèges et membres du back-office quittent les banques pour des sociétés de gestion ou d’autres institutions financières où ils sont libres de travailler, sans les contraintes réglementaires auxquelles ils étaient soumis auparavant, observe le Financial Times. Cette tendance fait suite au durcissement de la réglementation qui est intervenu après la crise financière. Le FT cite les exemples des traders Jerry et Michael Cudzil ont rejoint récemment respectivement TCW et Pimco.
03/10/2012
Fonds

Les fermetures de fonds en Suède s’accélèrent

Ces derniers mois, plusieurs fonds, notamment de petite taille, ont dû fermer en Suède, rapporte le quotidien économique suédois Dagens Industri sur son site Internet. Lundi on apprenait la liquidation du hedge fund Concepio, géré par Ragnhild Wiborg. Brummer & Partner et Swedbank Robur ont aussi fermé des fonds. Morningstar indique que ces dix dernières années, plus de 300 fonds enregistrés en Suède ont été liquidés. Il en reste aujourd’hui 741. Cette tendance s’explique par le durcissement de la réglementation, qui rend plus coûteuse l’exploitation d’un fonds.
Fonds
03/10/2012
Fonds

Quasi-stabilité des OPC luxembourgeois au mois d'août

Au 31 août 2012, le patrimoine global net des organismes de placement collectif et des fonds d’investissement spécialisés s’est élevé à 2.295,399 milliards d’euros contre 2.296,717 milliards d’euros au 31 juillet 2012, soit une diminution de 0,06% sur un mois, selon les données communiquées par la Commission de surveillance du secteur financier (CSSF) . Considéré sur la période des douze derniers mois écoulés, le volume des actifs nets est en augmentation de 10,04%. L’industrie des OPC luxembourgeois a donc enregistré au mois d’août une variation négative se chiffrant à 1,318 milliard d’euros. Cette diminution représente le solde des émissions nettes positives à concurrence de 10,515 milliards d’euros (+0,46%) et de l’évolution défavorable des marchés financiers à concurrence de 11,833 milliards (-0,52%).
Fonds
03/10/2012

BNY Mellon acquiert le reliquat de WestLB Mellon AM

Pour un montant non divulgué, BNY Mellon a acheté à Portigon AG (lex-WestLB) la participation de 50 % que cette dernière détenait dans leur coentreprise WestLB Mellon Asset Management (170 salariés et 25 milliards d’euros d’encours). Cette joint venture avait été créée en 2006.Le nouveau porte-parole (président) du comité exécutif de WestLB Mellon Asset Management sera Werner Taiber, qui était jusqu'à présent membre du directoire de Portigon, sous réserve évidemment d’un agrément de la BaFin.Werner Taiber sera subordonné à Mitchell Harris, président de BNY Mellon Investment Management, et à Curtis Arledge, le CEO de cette même société.
03/10/2012

Battle Against Cancer Investment Trust launched

Several star managers in the City in London have joined forces to launch the Battle Against Cancer Investment Trust (BACIT), a trust which has already attracted GBP500m. 1% of total assets have already been paid to cancer research organisations. No management fees will be charged to investors. The product, listed in London, will raise funds to support actions to promote the fight against cancer, the Daily Mail reports.
03/10/2012

L&G IM targets chairs of remuneration boards

Legal & General Investment Management, one of the largest shareholders in the United Kingdom, with 4% of the British stockmarket, has voted against 18 chairmen of remuneration committees on boards of directors since the beginning of this year, the Financial Times reports. This is the first time that an L&G asset management firm has voted against those in charge of setting pay scales for management. Some of the opposition votes were at WPP, Barclays and Trinity Mirror.
03/10/2012

Alain Defise joins Pictet in London

Swiss-based Pictet has created an emerging market corporate bond specialist team, for which it has recruited Alain Nsiona Defise, who had previously been head of emerging market corporate debt at J.P. Morgan Asset Management (JPMAM), which he joined from Fortis Investments. At JPMAM, he was responsible for a unit with USD2bn in assets.Defise, based in London, will be responsible for a team of three analysts specialised in emerging market corporate debt, including Vencent Feraton, Rosemary Fu and Teck Hoon Low. “These four have an average experience of more than 15 years in the areas of bond analysis and investment in emerging market corporate bonds,” says Pictet.Funds People reports, for its part, the Pictet has recruited Juan Carlos Martín Aparicio in Spain as a senior private banker. He had previously worked at Barclays Wealth in Madrid.
03/10/2012

S&P Capital IQ recruits for research

S&P Capital IQ, a provider of multi-asset class data and research to institutional investors, independent financial advisers and wealth managers, has announced the recruitment of Roger Hirst in London as vice president and director of European equity research operations, and the analysts William Mack and Roderick Wallace. In New York, the firm has recruited two equity analysts, Barbara Coffey and David Lewis.
03/10/2012

Mike Godfrey joins Marathon

The emerging market specialist Mike Godfrey, who left M&G Only a few days ago, will be joining Marathon Asset Management, an asset management boutique based in London which works primarily with institutional clients, Investment Week reports.Godfrey, who had been manager of the GEM Fund from M&G, whose assets under management total over GBP680m, will begin in the role in December. He will be responsible for directing strategies dedicated to emerging markets and Asia ex Japan.
03/10/2012

ETF Securities recruits from BoAML

The new head of distribution for Europe, Middle East and Africa at ETF Securities is Matt Johnson, who had been co-head of derivative sales for the same region at Bank of America Merrill Lynch, Fundweb reports. Johnson will report directly to Graham Tuckwell, chairman and CEO.
03/10/2012

FSA plans to strengthen transparency at publicly-traded businesses

The British Financial Services Authority (FSA) on 2 October presented new, stricter governance rules for businesses listed in London. The proposals follow a consultation launched in January, which covered the questions of traded capital, protection of minority shareholders, and governance. The FSA would like to see an agreement put in place to regulate relations between controlling shareholders and the business. The FSA would also like to give more influence to independent directors on boards of directors.
03/10/2012

Luxembourg OPCs nearly stable in August

As of 31 August 2012, the global net wealth of collective investment organisms and specialised investment funds totalled EUR2.295399trn, compared with EUR2.296717trn as of 31 July 2012, a decline of 0.06% in one month, according to statistics from the Financial sector surveillance commission (CSSF). Over the past twelve months, net asset volume is up 10.04%.The Luxembourg OPC industry has posted a negative variation in August totalling EUR1.318bn. This decline represents the balance of positive net issues of EUR10.515bn (+0.46%) and unfavourable evolution of the financial markets totalling EUR11.833bn (-0.52%).
03/10/2012

Schroders launches three emerging market debt funds in France

The British asset management firm Schroders has launched three funds specialised in emerging market debt in France. The first, Schroder Emerging Market Sovereign Bond, invests in government bonds, with the JPM CEMBI Broad Diversified index as its benchmark. The fund is managed by Jim Barrineau, head of bonds for Latin America, with the support of Alexander Moseley, Fernando Grisales and Chris Tackney. The second new fund is the Schroder Emerging Market Corporate Bond, focused on corporate bonds. The fund ia managed by Rajeev de Mello, head of Asian bond management, and will also have the JPM CEMBI Broad Diversified index as its benchmark. The third fund to have received a license is a mixed product which combined government and corporate bonds, which will invest both in issues denominated in local and in strong currencies, entitled Schroder Emerging Market Bond. The fund will be managed by the team based in New York, but will rely on de Mello’s team for Asia. The benchmark index is a combination of JPM indices, reflecting the hybrid character of the fund. The emerging market debt team at Schroders, led by Barrineau and de Mello, includes nine managers.
03/10/2012

Record net subscriptions to ETPs in September

Last month, ETPs (ETF, ETC and ETN) posted net subscriptions worldwide of USD43.3bn, the highest level since USD51.3bn in December 2008. In August, they attracted USD11.6bn, according to statistics from the BlackRock Investment Institute.In the first nine months of the year, ETPs attracted a record total of USD182.6bn, while the previous record dates from January-September 2008, with USD164.8bn. These products have already seen higher net inflows than the USD173.4bn posted in all of 2011 (USD173.4bn).The BlackRock Investment Institute states that of USD43.3bn in net subscriptions in December, USD23.4bn went to US equity funds. Gold ETPs attracted USD3.8bn last months, which brings the total for January-September to a record USD7.4bn.Emerging market equity ETFs also attracted USD26.9bn in the first nine months of the year, compared with USD5.8bn in January-September 2011, and USD9.7bn in all of 2011.In January-September, net subscriptions to bond ETPs represented 30% of the total, with USD54.1bn, compared with USD35.2bn in the first nine months of last year, and USD49.9bn in all of 2011.
03/10/2012

Global mergers and acquisitions down by 19.4% in the past nine months

Global mergers and acquisitions are down 19.4% to USD1.4265trn in the first nine months of the year, compared to the same period last year, according to statistics from mergermarket. In third quarter, transactions resumed freefall after a brief spike in second quarter. Transactions in third quarter totalled USD433.5bn, down 20.2% from second quarter 2012. In Europe, deals were down 23.2% over the nine months, and posted their lowest third quarter since third quarter 2009. Transactions in second quarter totalled USD99.2bn, down 46.1% compared with the previous quarter. Germany remained the most active region in Europe, with 27.6% market share. The decline was much more moderate in other regions of the world. In Asia-Pacific, the decline over nine months was 14.8%. while third quarter ended with an increase of 20.8%, to UDS73.4bn. In the United States, deals fell by 3.4% in third quarter, to USD178.3bn, while the balance for the first nine months of the year comes out down 23.1% to USD483.6bn.
03/10/2012

Pioneer launches EM high yield debt fund

With the Emerging Markets Corporate High Yield Bond sub-fund of its Luxembourg Sicav Pioneer Funds, Pioneer is beginning to realise its plans for emerging market funds (see Newsmanagers of 5 September). The new product is a high yield emerging market coporate debt fund, managed by Greg Seichin, who is also head of emerging market & high yield portfolio management at Pioneer.The portfolio will be evenly distributed between emerging markets in Europe, Asia and Latin America, with active management of duration and hedging via equity options and currency futures. The manager may also invest in government bonds, in order to provide a more defensive orientation to the fund depending on the market situation.CharacteristicsName: Pioneer Funds – Emerging Markets Corporate High Yield BondISIN codes:LU0765561054/A1J0EX (capitalisation)LU0765560916/A1J0EZ (distribution)Front-end fee: 2.50%Management commission: 1.55%Performance commission: 15% on performance exceeding the benchmark index, with high watermark
03/10/2012

Investors steer clear of equity funds in August

Investors have once again steered clear of European equity funds in August, while investing an impressive net inflows of EUR16.95bn in bond funds, according to statistics from Morningstar. The situation is similar in the United States, where net inflows to bonds have topped USD30bn. Although inflows in Europe remain above the record posted in July of EUR22.9bn, the rush in bonds has only marginally slowed, compared with inflows to European bond products in previous months. Equity funds have posted an outflow of EUR7.02bn; the Morningstar United States mixed large caps category has been hardest-hit, with net redemptions of EUR810m. A few isolated categories of equity funds have seen positive inflows in August: US equities hedged for currency risks have seen the most sustained demand from investors, with net inflows of USD324m. Hedge funds have made a comeback, with net inflows of EUR713m. Allocation funds have posted net inflows of EUR587m; the Euro Prudent Allocation category continues to lead with positive inflows of EUR356m. The rankings of promoters with the largest inflows are topped by Pimco, with EUR3.1bn, excluding money market funds, followed by BlackRock (EUR2.07bn), KLP (EUR913m), Natixis (EUR872m), AXA (EUR842m) and Carmignac (EUR779m).
03/10/2012

Martin Theisinger joins Oppenheim KAG

Martin Theisinger, head of distribution in Germany for retail and wholesale products at BNP Paribas Investment Partners in Frankfurt, and previously of Fortis Investments and Schroder Investment Management, is joining the executive committee of the asset management firm Oppenheim Kapitalanlagegesellschaft in Cologne (an affiliate of Sal. Oopenheim, Deutsche Bank group). He will be responsible for institutional clients in the German-speaking countries, particularly insurers, pension funds and consultants.
03/10/2012

BNY Mellon acquires remainder of WestLB Mellon AM

BNY Mellon has acquired a 50% stake in its joint venture with Portigon AG (formerly WestlB), WestLB Mellon Asset Management (170 employees and EUR25bn in assets), for an undisclosed amount. The joint venture was founded in 2006.The new spokesperson (chairman) for the managing board at WestLB Mellon Asset Management will be Werner Taiber, who had previously been a member of the board at Portigon, pending approval from BaFin.Taiber will report to Mitchell Harris, chairman of BNY Mellon Investment Management, and Curtis Arledge, CEO of that firm.
03/10/2012

Liikanen report favours separation of high-risk activities from banking

The riskiest activities undertaken by banks should be separated from the rest of their activites and grouped together into entities which are separate from the banking groups, according to a report submitted on 2 October to the European Commission. The report from the working group chaired by the governor of the Bank of Finland, Erkki Liikanen, much-awaited by the banking industry, was submitted yesterday to the European commissioner for the interior market and services, Michel Barnier.In brief, the group recommends action on the five following points:* requirement that owners’ equity trading and other high-risk market activities be separated,* means to separate other activities in accordance with bailout and default resolution plans,* means to modify the use of internal liquidity mechanisms as an instrument to resolve crises,* revision of owners’ equity requirements compared with assets held for transactional purposes and real estate lending, and* strengthened governance and controls at banks.“This report will feed our reflections on further measures to take. I will now consider the next steps, as a part of which the Commission will study the impact of these recommendations,” said Barnier, in a statement. The Commission will launch consultations before deciding whether to apply the report in the form of legislative proposals.
03/10/2012

SocGen recruits for private investment banking activity

Société Générale on 2 October announced that Giovanni Ortolani is appointed Senior Banker for Societe Generale’s Private Investment Banking activity in Geneva, Switzerland effective October 1st 2012. In this newly created position, Giovanni Ortolani is responsible for launching the Private Investment Banking activity by developing the offer with large family holding companies and family offices in Switzerland. In addition, Renaud Billard is appointed Relationship Manager in the United Kingdom for the Private Investment Banking offer. Giovanni Ortolani and Renaud Billard report functionally to Galeazzo Pecori Giraldi, Head of Private Investment Banking. Giovanni Ortolani was previously Chief Country Officer for Italy since 2007. He joined Societe Generale Corporate & Investment Banking as Senior Banker and Head of public sector coverage in Italy in 2005. Billard joined Société Générale Private Banking in 1999 as a private banker serving French clients. In 2004, he joined the French team at Société Générale Private Banking Hambros in London, as Senior Private Banker, to develop the product range aimed at French and French-speaking residents of the United Kingdom, and has been Head of the France team since 2009.
03/10/2012

Banks losing teams to asset management firms

On Wall Street, traders, analysts, strategists and staff of the back office are leaving banks to join asset management firms or other financial institutions where they can work free of the regulatory constraints they had been subject to previously, the Financial Times observes. This trend follows a toughening of regulations following the financial crisis. The FT cites the examples of traders Jerry and Michael Cudzi, who have recently joined TCW and Pimco, respectively.
03/10/2012

BlackRock to integrate alternatives in target-date funds

From 27 November, Mutual Fund Wire reports, the BlackRock Prepared Portfolios will disappear, to be replaced by LifePath Active Portfolios, which will include a larger exposure to alternative investments. In a SEC filing, the asset management firm says that its target-date mutual funds will include more exposure to real estate. The iShares Cohen & Steers Realty Major Index Fund, iShares FTSE EPRA?NAREIT Developed Real Estate ex-U.S. Index Fund, as well as the BlackRock Commodity Strategies Fund will now be eligible for use in the portfolios, whose performance will be measured with the inclusion of additional indices such as the MSCI ACWI ex US IMI Index and FTSE EPRA/NAREIT Developed Real Estate Index.When the shareholder retires, porfolios will include 38% equities and 62% fixed income.
03/10/2012

Fund closures in Sweden gather pace

In the past few months, several funds, especially small ones, have had to close down in Sweden, the Swedish economic daily newspaper Dagens Industri reports on its website. On Monday, the liquidation of the hedge fund Concepio, managed by Ragnhild Wiborg, was announced. Brummer & Partner and Swedbank Robur have also closed funds. Morningstar reports that in the past ten years, more than 300 funds registered in Sweden have been liquidated. There now remain 741 funds. This trend is due to toughening regulations, which make the operation of funds more costly.

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