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02/07/2012

BNP Paribas SS remporte un mandat auprès de Convictions AM

Convictions Asset Management a attribué un mandat d’exécution des ses transactions de fixed income à BNP Paribas Securities Services.Convictions AM, dont les actifs sous gestion s'élèvent actuellement à environ 630 millions d’euros, souhaitait que ses gérants de portefeuille se concentrent sur l’analyse, la recherche et l’allocation des investissements afin de s’adapter aux conditions difficiles de marché. La société de gestion a arrêté son choix sur BNP Paribas SS qui a déjà remporté un mandat quinquennal d’externalisation de fonctions back et middle office. L’externalisation des fonctions de front office est une nouvelle tendance dans le secteur de la gestion dont Convictions AM offre l’une des premières illustrations.
02/07/2012

Kneip nomme un chief strategist

Kneip, groupe luxembourgeois prestataire de services dans l’industrie des fonds, a nommé Mario Mantrisi, membre exécutif du conseil d’administration et ancien head of product management and innovation au poste de chief strategist et research officer, indique Investment Europe.
02/07/2012

Crédit Agricole veut vendre CA Cheuvreux cet été

L’avenir de CA Cheuvreux s'écrira bientôt en dehors du Crédit Agricole, annonce L’Agefi. La banque verte a engagé un processus de vente de son courtier actions, qu’elle espère conclure d’ici à mi-juillet ou, à défaut, relancer à la rentrée. Parmi les deux ou trois acquéreurs potentiels, figure le français Kepler Capital Markets. L’an dernier, Cheuvreux a fait perdre 70 millions d’euros à sa maison mère, selon le rapport annuel de CA CIB, pour un produit net bancaire de 164 millions d’euros. Le coût d’un plan social, et l’identité de celui qui l’assumera - vendeur ou repreneur - constitue un élément-clé des négociations, note le quotidien.
02/07/2012

La solvabilité principal point faible des assureurs français

L’Agefi rapporte que la solvabilité ajustée des risques constitue la principale faiblesse des notations des assureurs français, selon Standard & Poor’s (S&P). Un constat lié à la structure des actifs investis, la France ayant une forte exposition aux actions En dépit de la volonté des assureurs de réduire leur exposition à cette classe d’actifs dans la perspective de Solvabilité 2, leur part est restée stable à 11% en 2011. Par ailleurs, la part de l’immobilier crû à 6% en 2011, alors que S&P anticipe une baisse de 15% des prix immobiliers sur les deux prochaines années. L’agence perçoit en outre une augmentation du risque de crédit suite aux abaissements de notes souveraines, telles que celles de l’Espagne et l’Italie.
02/07/2012

Epargne retraite : entre CNP Assurances et Malakoff Médéric la fin est proche

Selon des sources proches du dossier que cite L’Agefi, le partenariat en épargne retraite entre CNP Assurances et Malakoff Médéric sous la forme d’une alliance commerciale pourraient être stoppé. Gilles Benoist, directeur général sortant de CNP Assurances, a en effet adressé une lettre en date du 22 juin à Guillaume Sarkozy, délégué général de Malakoff Médéric, dans laquelle il recommande d’arrêter ce projet. Du côté de CNP Assurances, les résultats de ce test n’ont pas été jugés suffisamment concluants pour vouloir poursuivre l’aventure, précise L’Agefi.
02/07/2012
Fonds

Le cap des mille fonds de dotation a été franchi

L’Observatoire Deloitte des fonds de dotation révèle que la barre des 1000 fonds a été franchie en mai 2012. Un signe encourageant qui témoigne du succès de cette structure solidaire apparue dans le paysage français par la loi du 4 août 2008. Les fonds de dotation accompagnent quotidiennement des organismes à but non lucratif dans leur mission d’intérêt général sur de nombreux aspects : insertion sociale, développement durable, sport, etc. Trois secteurs tiennent le haut du pavé : l’action artistique et culturelle totalise à elle seule près de 21 % des fonds de dotation français, l’enseignement et l’éducation arrivent en deuxième position avec 17.2 %, et l’action humanitaire rassemble pour sa part 11.1 % des fonds.
Fonds
02/07/2012
Fonds

UBS fait passer la barre des 1.000 au nombre d'ETP cotés sur le LSE

Depuis la fin de la semaine dernière, la cote du Main Market du London Stock Exchange (LSE) comporte 1.006 références dans le domaine des ETP. Le franchissement de la barre des 1.000 unités a été occasionné par l’admission à la négociation de 64 ETF d’UBS Global Asset Management, ce qui est la plus grosse introduction en une seule journée par le nombre de produits depuis le lancement du segment en 2000. Ces ETF portent en une seule fois de 2 à 66 unités le nombre des ETF d’UBS Global AM cotés à Londres. Ils répliquent de nombreux indices de fournisseurs comme FTSE, MSCI, S&P, Markit iBox et Euro Stoxx sur des marchés d’actions européens, américain, asiatiques et émergents ainsi que des obligations et des matières premières.Depuis le début de 2012, le LSE a accueilli 74 ETF et 14 ETC.
Fonds
02/07/2012

Notenstein renforce son conseil d'administration

Le conseil d’administration de la banque de gestion privée Notenstein, filiale de Raiffeisen Suisse, sera complété de quatre nouveaux membres, selon un communiqué publié le 29 juin. Se présentent à l'élection de la mi-août Günter Haag, membre de la direction de KPMG Suisse, Heinz Karrer, CEO d’Axpo Holding SA, Maya Salzmann, vice présidente de Bright Entertainment et ancienne managing director Private Banking Credit Suisse, ainsi que Thomas C. Weissmann, président du conseil d’administration d’ALSO-Actebis Holding.En plus du président Pierin Vincenz, CEO du groupe Raiffensen Suisse, Patrik Gisel, son remplaçant chez Raiffeisen, siège déjà au conseil d’administration de l’ancienne banque Wegelin.Notenstein emploie 700 collaborateurs et ses actifs sous gestion s'élèvent à environ 21 milliards de francs suisses.
02/07/2012
Fonds

Deux nouveaux ETF "QDII"

Le 29 juin, la Commission des valeurs chinoises (CSRC) a octroyé un agrément de commercialisation à deux ETF lancés par des sociétés bénéficiant de statut de Qualified Domestic Institutional Investor (QDII). Il s’agit du Hang Seng Index ETF de China AMC et du Hang Seng China Enterprise de E-Fund. Cet agrément couvre également les fonds nourriciers de cex deux produits. La souscription devrait commencer début juillet et le lancement effectif intervenir début août.
Fonds
02/07/2012

Credit Suisse sera bénéficiaire au deuxième trimestre

Credit Suisse va terminer le deuxième trimestre avec un résultat bénéficiaire, a indiqué vendredi le groupe suisse dans un bref communiqué. Le numéro deux bancaire helvétique, insuffisamment doté en fonds propres selon la Banque nationale suisse (BNS), s’attend à être bénéficiaire dans l’ensemble de ses divisions.
02/07/2012

TCW hires a former diplomat

The TCW Group has recruited David Loevinger, a former senior coordinator for Chinese affairs at the Treasury. He will join the emerging markets division of the firm as management director and analyst for sovereign debt. TCW has more than USD9bn in assets under management in emerging markets, a statement says.
02/07/2012

BNP Paribas SS wins a mandate from Convictions AM

Convictions Asset Management has awarded an execution mandate for fixed income transactions to BNP Paribas Securities Services. Convictions AM, whose assets under management currently total about EUR630m, would like its portfolio managers to concentrate on analysis, research and allocation of investments, in order to adapt to difficult market conditions. The asset management firm has chosen BNP Paribas SS, which already held a five-year outsourcing mandate for middle and back office functions. The outsourcing of front office functions is a new trend in the asset management sector, with Convictions AM one of the first exemplars.
02/07/2012

Strasbourg management school and CCR AM create a chair in behavioural finance

The School of Management at the University of Strasbourg (EM Strasbourg) and CCR Asset Management have announced that they are teaming up to create a chair in behavioural finance. The chair will be funded for three years, and will be led by three researcher-teachers in the LaRGE finance speicalist research laboratory: Marie-Hélène Broihanne, Patrick Roger, and Maxime Merli, who will direct the effort. Research in behavioural finance questions the rationality of investors, behavioural biases in financial decision-making and the impact of these biases on financial markets. “This financing will allow us to develop relationships with colleagues in North America working in these areas, to have access to original databases, which are currently indispensable for the analysis of investor behaviour,” explains Merli in a statement. CCR Asset Management feels that supporting academic research is “a necessary complement to traditional analysis (micro, macro, fundamental, technical, etc), in order to allow us to better understand our clients and better comprehend the markets,” says Lorenzo Ballester, chairman and CEO of CCR AM. The collaboration between researchers at EM Strasbourg and CCR Asset Mangaement has already resulted in two studies. The first, undertaken in partnership with Morningstar in June 2011, found that finance professionals have too much confidence, a bias which influences their financial risk-taking. The second study focuses on investor sentiment and its impact on financial markets. It was presented at the annual conference held by CCR Asset Management in Paris on 28 June 2012, which was attended by nearly 250 professionals.
02/07/2012

Sébastien Le Louarn joins Reyl France

Sébastien Le Louarn, who most recently had been a senior private banker in the major private investor team at the Indosuez Banque Privée, has joined the management team at Reyl & Cie France “recently,” as director and senior portfolio manager.In his new role. Le Louarn will be in charge of developing and leading the investment advising range for private companies and advising to entrepreneurs. Le Louan, an equestrian jumping competitor, will also be hoping to develop a range more specifically aimed at the equestrian community at Reyl & Cie (France). The arrival of Le Louarn comes soon after that of Virginie Robert (see Newsmanagers of 11 June), who joined from Raymond James Asset Management.
02/07/2012

Crédit Agricole hopes to sell CA Cheucreux this summer

The future of CA Cheuvreux will soon be a story written outside Crédit Agricole, Agefi reports. The bank has initiated a sales process for its equity broker, which it hopes to complete by mid-July, or failing that, to relaunch the process this autumn. Among the two or three potential buyers are the French firm Kepler Capital Markets. Last year, Cheuvreux lost its parent company EUR70m, according to the CA CIB annual report, on net banking proceeds of EUR164m. The cost of a social plan, and the form it will take, as buyer or acquirer, represents a key element in negotiations, the newspaper adds.
02/07/2012

US money market funds are not all steering clear of euro zone

The Wall Street Journal reports that at a time when many US money market funds are pulling out of Europe, others, seeking higher returns, are going in deeper.Eight of 20 US money market funds with the highest exposure to Europe in terms of assets as of the end of May have increased their allocation to the euro zone between 31 Augsut 2011 and 31 May this year, among them BlackRock and Goldman Sachs.As an example, the exposure of the Goldman Sachs Financial Square Government Fud has increased to USD12.7bn from USD7.7bn. For the BlackRock Cash Fund Institutional and Prime funds, allocations have been increased to USD13.1bn from USD9.1bn and USD4.9bn from USD3.4bn, respectively.
02/07/2012

Eric Boutchnei leaves Métropole Gestion

According to information obtained by Newsmanagers, Eric Boutchnei has quit his job. The co-founder of Métropole Gestion with François-Marie Wojcik and Isabel Levy, deputy CEO oand director of strategy at the firm, is said to have quit on Friday last week. Divergences in point of view at the asset management firm specialised in value style management is reportedly the cause of the departure of Boutchnei, who two years ago gave up his role as head of development to François Carlotti. The co-founder of Métropole Gestion then took over responsibility for the firm’s strategy, and became involved in issues at the asset management firm related to new regulatory constraints on institutional investors (Solvency, etc.). The departure of Carlotti from the asset management firm one year after his recruitment, with more mixed results in terms of development, will not have an effect. Boutchnei leaves a firm which he created with his partners following their departure from CCR in 2002, and which now has EUR2bn in assets. Boutchnei, a member of the SFAF, a graduate of the Centre d’Etudes Supérieures de Banque (1985),and of the Institut Technique Bancaire (1981), Boutchnei began his career as a financial analyst at BNP. Between 1985 and 2000, he was also deputy CEO of BNP Paribas Equities, and then CEO of Julius Baer France, before participating in the creation of Métropole Gestion and serving as a director there
02/07/2012

State Street develops partnership with Mitsui Fudosan

The financial services provider State Street Corporation on 29 June announced that it is extending its partnership with Mitsui Fudosan, a Japanese real estate firm, to offer administration and trustee services for two new real estate funds, Moorgate Property Unit Trust and Mark Lane Property Unit Trust. State Street had originally been retained by Mitsui Fudosan, one of the largest Japanese real estate asset management firms, in 2008, to assist it in its development on the real estate market in the United Kingdom, providing administration services for the 5 Hanover Square Unit Trust. The decision by Mitsui Fudosan to extend its range of Jersey Property Unit Trusts (JPUTS) reflects a rising interest on the part of investors in the real estate market in the United Kingdom.
02/07/2012

Bernd Franke becomes CEO of Dealis

As of the end of June, Roman G. Trageiser, formerly of Allianz Global Investors (AGI), left the operational management of the fund administration platform Dealis Fund Operations, founded in late 2008 by Deka and AGI (see Newsmanagers of 19 December 2008), and of the Luxembourg affiliate of Dealis. Since the beginning of May, he has been replaced as CEO of the German firm by Bernd Franke.
02/07/2012

Union Investment appoints a head for portfolio management

Following the resignation of Anja Mikus, who will be leaving the asset management firm on 31 July, Union Investment has recruited Björn Jeach, director of global investment solutions for Germany and a member of the board of directors in the private wealth management unit at Deutsche Bank, as director of portfoio management. He will be responsible for a fund management team of 240 people, and assets of about EUR140bn.
02/07/2012

Notenstein recruits for board of directors

The board of directors at the private management bank Notenstein, an affiliate of Raiffeisen Switzerland, will be taking on four new members, according to a statement published on 29 June. The candidates in the mid-August election will include Günter Haag, a member of the board at KPMG Switzerland, Heinz Karrer, CEO of Axpo Holding SA< Maya Salzmann, vice president of Bright Entertainment and former managing director of Private Banking at Credit Suisse, and Thomas C. Weissmann, chairman of the board of directors at ALSO-Actebis Holding. In addition to chairman Pierin Vincenz, CEO of the Raiffeisen Switzerland group, and Patrik Gisel, his replacement at Raiffeisen, are already members of the board at the former Wegelin bank. Notenstein has 700 employees, and its assets under management total about CHF21bn.
02/07/2012

Barings plans to add to its range of Asian bond funds

Sean Chang, who has recently been recruited from HSBC Global Asset Management (see Newsmanagers of 3 May), has announced as head of Asian debt that Baring Asset Management in Hong Kong that the British asset management firm is planning to launch new Asian bond funds, and to more widely promote existing funds in new distribution channels, Asian Investor reports. The Asian Debt Fund, a UCITS fund domiciled in Ireland, for which Chang is the lead manager, has recently received a sales license from the Hong Kong authorities. Chang has also announced that Barings is studying the possibility of also launching bond/country funds.
02/07/2012

Few winning strategies in second quarter

Facing a debt crisis in the euro zone, slowing growth in China, a potential new round of quantitative easing in the United States and a continuation of the Arab Spring, investors have recently had a limited appetite for risk, and have reduced their exposure to Europe and to Asian emerging markets. In the last week of June, equity funds saw redemptions totalling EUR7.7bn, while bond funds posted net inflows of USD4.7bn, according to estimates from EPFR Global. Over the past quarter overall, only US and global bond funds have managed to attract more tan USD10bn in assets. Japanese equity funds finished the quarter with inflows of USD5.6bn, and USd5.49bn in first quarter, compared with inflows of less than USD2bn in the first six months of 2011. However, European equity funds have seen their heaviest quarterly outflows since third quarter 2008. After a very good start, emerging market equity funds have seen redemptions totalling USD10.5bn for second quarter as a whole, with over USD8bn to contribute to Asia ex Japan equity funds. Inflows to high yield bond funds slowed in mid-May, and dividend equity funds underwent redemptions in June for the first time in over two years. Money market funds finished the quarter with outflows of USD19.67bn, which is due to redemptions from US money market funds of USD28.39bn. In Europe, money market funds posted inflows of USD6.5bn in second quarter. In the past six months, inflows to money markets total USD115.35bn, compared with slightly over USD49bn in first half 2011.
02/07/2012

GLG Financials Alternative Fund licensed in Germany

BaFin and the FMA have issued sales licenses for Germany and Austria, respectively, to two share classes in the GLG Financials Alternative Fund, an Irish-registered product which deploys the GLG financials long/short strategy launched in 2002. The portfolio of the UCITS product is composed of 30 to 60 positions; it is managed by David Sanders and Stephen Holliday.Minimum subscription is set at EUR1,000 for the retail share class (IE00B73DP106) and EUR100,000 for the institutional share class (IE00B771GJ57).
02/07/2012

Swiss & Global debuts on Xetra with four ETFs

Swiss & Global Asset Management on 29 June listed four actively-managed ETFs for trading on the Active ETF segment of the Xetra electronic platform from Deutsche Börse. These include the primary listings of Luxembourg-registered funds which are part of the Julius Bär Smart Equity product range, replicating MSCI indices. TER for the products range from 0.60% to 0.70%.
02/07/2012

Two new QDII ETFs

On 29 June, the Chinese securities commission (CSRC) issued a sales license for two ETFs launched by companies with status as Qualified Domestic Institutional Investors (QDII). They are the Hang Seng Index ETC from China AMC and the Hang Seng China Enterprise fund from E-Fund. The license also covers feeder funds for these two products. Subscriptions are expected to begin in early July, with official launch in early August.
02/07/2012

Wave of QFII quotas in June

In June, the Chinese State Office of Foreign Exchange (SAFE) issued Qualified Foreign Institutional Investor (QFII) quotas totalling USD1.35bn, Z-Ben Advisors reports. Among the beneficiaries who did not have quotas previously are BlackRock Trust, Northern Trust, Mercuries Life Insurance, American International Insurance, Capital Research and Management, City of London Investment and Okasan Asset Management.
02/07/2012

“We are thinking of developing our range of real assets, for their diversifying virtues and their profitability”

UFF, the top wealth advising bank in France, is planning to take advantage of the times of crisis. By recruiting more and better advisers, launching opportunistic funds with partner asset management firms, and lastly, as Thierry Guérillot explains, by taking advantage of exaggerated downsides on equity markets, and the current potential which private equity and real assets have in terms of diversification and profitability. The UFF product range will be moving in this direction from this autumn.
02/07/2012

3i fund goes on a diet

Simon Borrows, the new CEO of 3i, is seeking to bring a fresh start to the veteran British private equity firm, closing six offices and cutting staff at six more, Les Echos reports. One third of all jobs at the firm will be affected. Fundraising has been extended for one year to the end of 2013. The share price of 3i has fallen by more than 80% in five years.
02/07/2012

LSE tops 1,000 ETPs thanks to UBS

Since the end of last week, the listings of the Main Market of the London Stock Exchange (LSE) include 1,006 products in the area of ETPs. The 1,000 product threshold was passed with the addition of 64 ETPs from UBS Global Asset Management, which is the largest number of products added in a single day since the launch of the segment in 2000. These ETFs in one fell swoop bring the number of ETFs from UBS Global AM listed in London from 2 to 66. They replicate numerous indices and providers, such as FTSE, MSCI, S&P, Markit iBoxx and Euro Stoxx, for European, American, Asian and emerging markets, as well as bonds and commodities.Since the beginning of 2012, the LSE has added 74 ETFs and 14 ETCs.

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