Recherche
S'abonner
Connexion
Asset Management
Accueil Asset Management Actualités
20/01/2012

IDeA Fimit appoints a new chairman

Antonio Mastrapasqua has been appointed as chairman of IdeA Fimit Sgr, an Italian asset management firm specialised in real estate. He succeeds Paolo Crescimbeni. IdeA Fimit has EUR8.9bn in assets under management.
20/01/2012

Anima Sgr gets a new head of sales

Davide Gatti will become head of the sales division at Anima Sgr, the result of a merger between Anima and Prima Sgr, Bluerating reports. Gatti, from Anima, will lead a team of 30 people, under the direction of Marco Carceri, CEO.
20/01/2012

Investors pull money out of hedge funds

According to Hedge Fund Research, the hedge fund industry, which has about USD2trn in assets, saw net outflows in fourth quarter 2011 of about USD127m, the Wall Street Journal reports. This is the first quarter of net outflows since April-June 2009. Although the outflows represent only 0.007% of total assets, it is also a sign that investors are losing their patience, as the average performance of hedge funds has consistently been lower than those of the equity indices in the past three years. The HFRI Fund Weighted Composite Index has posted average annualized returns of 7.9% over the past three years, while the S&P 500 has earned 14.1%.
20/01/2012

Jim Irvine becomes head of fixed income at Henderson

Henderson Global Investors has named Jim Irvine as head of its EUR16bn fixed income business.Irvine, who currently heads up the fund manager’s structured products and advisory unit, will assume the role on 1 February. He takes over from Mitesh Sheth, who will become director of business innovation.Colin Fleurey, currently head of asset-backed securities (ABS), will take over the management of the renamed Secured Credit business from Irvine.
20/01/2012

Increase in assets and net outflows from Aberdeen in Q4

As of 31 December, assets under management by Aberdeen Asset Management (AAM) totalled GBP173.9bn, 2.4% more than the total of GBP169.9bn as of the end of September. The fourth quarter of the calendar year is the first quarter of the new fiscal year for AAM.Gross subscriptions fell to GBP7.8bn, compared with GBP9.1bn in July-September, while redemptions fell to GBP10.6bn from GBP10.8bn. AAM has seen net outflows in October-December of GBP2.8bn, compared with GBP1.7bn in the previous quarter.Martin Gilbert, CEO, says that subscriptions continued to go to high-margin products, while redemptions came from less profitable products, which will ultimately have a positive impact on commission revenues totalling about GBP10m annualized.
20/01/2012

Net inflows up 10% in 2011 for St James's Place

The British asset management firm St James’s Place has reported a 10% increase in its net inflows in 2011, to GBP3.3bn. Assets under management as of the end of December totalled GBP28.5bn, compared with GBP27bn as of the end of 2010.
20/01/2012

Axa IM Germany promotes distribution executive

Uwe Diehl, head of wholesale/retail distribution for Germany and Austria at Axa Investment Managers Deutschland since 1 May 2011, has been promoted to the position of member of the managing board, and will retain responsibility for development of activities in the two countries. The managing board now includes seven members, with Gerald Springer as CEO.
20/01/2012

Specialist in extreme risks founds a firm

The extreme risk specialist John Liu, formerly of Citigroup, who had been head fo equity derivatives, is preparing to launch his firm, Spartus Capital Management, Absolute Return + Alpha reports.Spartus has developed a long-only volatility strategy, which will aim to benefit from volatility on financial markets, particularly stock market indices.
20/01/2012

BNY Mellon to provide administration for six Market Vector ETFs

The six HLDRS funds from Merrill Lynch which on 20 December 2011 were converted into Market Vector sectoral ETFs by Van Eck Global will use BNY Mellon for custody, accounting and securities lending, BNY Mellon has announced.The funds include a product specialised in oil services (acronym OIH), semiconductors (SMH), pharmaceuticals (PPH), biotech (BBH), retail (RTH) and regional banks (RKH). The HLDRS acronyms have been retained.
20/01/2012

Former Barclays GI manager takes over a Korean pension fund

The Korean pension fund Military Mutual Aid Association (MMAA) has recruited Seok-Hwan Park as its chief investment officer, Asian Investor reports.Park, who has previously worked at Barclays Global Investors in Hong Kong, began at the end of December, following the resignation of his predecessor, Jin Yeong-Ho, who joined BNG Securities as CEO.Park previously worked at Capstone Asset Management in Seoul, where he served in a role similar to the one he now begins in.Assets under management at the Korean pension fund total about USD7.2bn.
20/01/2012

Tell Investments hedge fund closes down

After several years of disappointing returns, the hedge fund Tell Investments has decided to cease its activities, Reuters reports. The hedge fund, founded 15 years ago, with offices in Switzerland, London and Malta, is closing its two main funds, the William and the Tell, and has begun the process of redeeming about EUR600m to investors. The two multi-strategy funds lost 5% in 2011, after three years of flat performance. The third fund, the Walter, will be integrated into a new independent entity, Walter Capital Management, which will be operated in Switzerland by a partner from Tell Investments, Olivier Laime. The hedge fund, with assets under management of nearly USD1bn at their peak, had 15 employees.
20/01/2012

Julius Bär poaches a team from Sarasin in Hong Kong

A few short months after its attempted takeover of Bank Sarain fell through (the bank was ultimately acquired by the Safra group), Julius Bär has recruited four female client advisers from Sarasin in Hong Kong, along with their assistants, Das Investment reports, citing several Swiss media sources. The advisers reportedly managed assets of about USD4bn for their clients.
20/01/2012

AllianceBernstein reshuffles international management

Timothy Ryan, currently CEO of AllianceBernstein for Japan, will on 1 March become CEO for the United Kingdom, and will also become co-head for Europe, the Middle East and Africa (EMEA), alongside Richard Haxe, who is currently head of client services, sales and marketing for EMEA. Ryan and Haxe will report to Robert Keith, head of institutional & retail client services, sales & marketing.Seiichiro Yamamoto, head of the Japan client group, will on the same date become CEO for Japan, and will also report to Keith.Katsuaki Ogata, CIO for Japanese value equities and director of AllianceBernstein Japan, will become chairman, but will continue to report to Sharon Fay, head of equities.
20/01/2012

Oddo launches a fund in Italy

Oddo has launched the Oddo Rendement 2017 fund, which was created in late September 2011, in Italy, Bluerating reports. The fund seeks to profit from the high returns currently to be had on European bond markets through a selection of convertible and private bonds drawn from a flexible investment universe.
20/01/2012

Partial settlement between BNY Mellon and courts

The parties in a legal proceeding filed in October by the US Department of Justice against BNY Mellon have reached a partial settlement, the Wall Street Journal reports.The bank, which was accused of overcharging for forex transactions, will be required to publish its method of calculating the way it charges clients who buy or sell foreign securities or who earn dividends from abroad.BNY Mellon has additionally agreed no longer to assure clients that they receive “best execution.”
20/01/2012

Assets down but profits up at State Street

Assets under management by State Street as of 31 December totalled USD1.86bn, compared with USD1.877bn three months earlier, and USD2.010bn one year previously, but total assets under management and administration have increased to USD21.807bn, from USD21.510bn as of 30 September and USD21.527bn as of the end of 2010, according to the annual report.State Street Corporation reports per-share profits for the 2011 fiscal year of USD3.79, compared with USD3.09 per share the previous year. Net profits available to common shareholders last year totalled USD1.882bn, compared with USD1.540bn in 2010.
20/01/2012

Inflows for UBP's French business in 2011

Despite a “challenging” year, Union Bancaire Gestion Institutionelle, the French arm of the Swiss Union Bancaire Privée group, has recorded net inflows of EUR200m, while inflows to the group were EUR1.7bn, according to Dominique Leprévots, chairman of the board at UBI. Assets for the French structure totalled abtou EUR1.6bn as of the end of the year, a “slight increase” over the previous year. Staff total 13 people, of whom five are in convertible bonds, five in middle office, and three in sales. UBI has seen inflows of EUR65m for convertible bonds, which are managed in Paris, and represent about EUR750m in assets.
20/01/2012

BlackRock had “real” inflows of USD67bn in 2011

For the year 2011, BlackRock has reported net subscriptions of USD67.3bn to long-term products, not taking into account USD28.3bn related to the acquisition of Barclays Global Investors in first half.Assets as of 31 December totalled USD3.5127trn, 1% less than the USD3.561trn twelve months earlier, and 5% more than the USD3.345trn reported at the end of September.As of 12 January 2012, the net subscriptions pipeline totalled USD54.3bn, before including an outflow of USD40bn from bonds, related to a single client choosing to insource its activities.BlackRock, which recruited a net total of 900 people last year, for last year as a whole saw a 5% increase in its net profits, to USD2.239bn, compared with USD2.139bn in 2010.
20/01/2012

Good results for wealth management at Morgan Stanley

Pre-tax profits for wealth management operations at Morgan Stanley in fourth quarter 2011 totalled USD244m, compared with USD390m iin fourth quarter 2010. The pre-tax profit margin for the unit fell to 8%, from 10% in the first nine months of 2011. For the year as a whole, pre-tax profits totalled USD1.3bn, compared with USD1.2bn in 2010.The pre-tax profit margin comes out to 10%. Client assets as of the end of 2011 totalled USD1.6trn, of which USD496bn were in managed accounts, which saw net inflows of USD35.8bn.Asset management activities brought in pre-tax profits of USD78m, compared with USD353m one year previously. For the year 2011 as a whole, the unit has earned pre-tax profits of USD253m, compared with USD718m the previous year. Assets under management as of the end of December totalled USD287bn, compared with USD272bn one year previously. The period ended with net inflows of USD25.8bn, compared with outflows of USD5.7bn in 2010. Money market funds alone attracted about USd18.5bn in assets. Inflows to hedge funds totalled more than USD8bn, but fixed income finished the year with outflows of USD5.5bn. The group has reported losses of USD250m, or 15 cents per share, in fourth quarter, compared with profits of USD836m, or 41 cents per share in fourth quarter.
20/01/2012

BoA-ML: increase in asset and wealth management profits

For 2011, Bank of America Merrill Lynch (BoA-ML) has posted net profits for global wealth and investment management (GWIM) of USD1.635bn, compared with USD1.340bn the previous year. The sector recruited a net total of about 1,700 financial advisers last year, of whom more than 200 were recruited in second quarter.As of 31 December, total assets were USD647.1bn, compared with USD643.3bn twelve months previously.Groupwide, net profits for last year totalled USD1.446bn, compared with losses of USD2.238bn in 2010.
20/01/2012

Bundesbank sells off a portfolio of Lehman securitisations

The US hedge fund Lone Star is reported to have bought up a portfolio of securitised real estate mortgages which Lehman had pooled together in a portfolio entitled Excalibur, the Frankfurter Allgemeine Zeitung reports.Joachim Niegel, a board member at the German central bank, claims that the operation will ultimately result in minimal or no losses. The nominal value of Excalibur had been USD2.16bn, but since the Lehman bankruptcy, redemptions and interests have already reduced that sum by EUR800m. Lone Star declined to comment on the reports.
20/01/2012

Hedge funds threaten to take Greek government to court

The Frankfurter Allgemeine Zeitung relays reports in the New York Times that several hedge funds are threatening to take the Greek government before the European court of human rights for forcing them to write off debts. They may claim that the Greek government is violating their property rights, as the Greek government has threatened to force private investors to accept a debt write-off by a vote in the legislature. Property rights are guaranteed by the European convention on human rights.According to the chairman of the hedge fund Marathon Asset Management, Bruce Richards, the compromise under consideration would offer lenders a means to exchange their Greek government bonds and give up a part of their claims, for new 20 or 30-year bonds.
20/01/2012

Realstone fund acquires a property from Vontobel

The real estate fund Realstone Swiss Property, launched in June 2008 and listed on the SIX Swiss Exchange since Febryary 2010, has acquired the building housing the Geneva offices of the bank Vontobel for CHF32m, Agefi Switzerland reports, confirming reports that had appeared in Bilan.
20/01/2012
Gestion d'actifs

La SACD a fait le choix d'un produit structuré proposant un rendement indexé à l'inflation

La Société des Auteurs et Compositeurs Dramatiques (SACD) s’attache avant toute chose à assurer la liquidité et la protection des capitaux dont elle a la charge. D’un montant moyen de 150 millions d’euros, le portefeuille de trésorerie qu’elle gère n’a pas vocation à être mis en risque. Pour diversifier les stratégies en portefeuille, la SACD a fait appels aux conseils de bfinance et du structureur indépendant Derivatives Capital. Après avoir étudié plusieurs propositions tenant compte d’un cahier des charges précis incluant une garantie du capital à échéance, un rendement minimum de 2 %, une notation minimum A+ de la contrepartie bancaire, une maturité de 3 ans et un volume d’investissement compris en 2 et 4 millions d’euros, la SACD a fait le choix d’une stratégie proposant un rendement indexé à l'évolution du taux d’inflation. Suite à cette décision, des émetteurs bancaires ont été sollicités dans le cadre d’un appel d’offres pour concevoir le produit. Une fois la contrepartie bancaire sélectionnée, les paramètres du produit ont ensuite été ajustés pour finalement aboutir à un coupon annuel évoluant selon le niveau de l’inflation entre un taux plancher de 2,15 % et un taux plafond de 4 %. « En sollicitant directement les salles de marchés des banques, nous avons toujours le doute que leurs propositions soient influencées par leur stratégie commerciale. Le recours à un intermédiaire nous a permis d’adapter au plus juste les paramètres du produit à nos objectifs financiers et de mieux comprendre les conséquences induites par les modifications effectuées dans le montage d’un produit », estime Jean-Louis Blaisot, directeur administratif et financier de la SACD. Source: bfinance
Gestion d'actifs
20/01/2012
Gestion d'actifs

Allianz France ne détient aucun titre de dette grecque, portugaise et irlandaise

Sylvain Coriat, directeur des assurances de personnes chez Allianz France dans un article paru dans l’Agefi Hebdo numéro 308: « Il est important que nos équipes de gestion mènent une politique d’investissement flexible ». Dès le premier semestre 2010, l’assureur a progressivement réduit la part de dette souveraine grecque, pour ne plus détenir aucune ligne du Trésor hellénique. « Rapportée à l’ensemble du portefeuille, la dette souveraine est exposée à hauteur de 17 % sur la France, 2,5 % sur l’Italie et 0,4 % sur l’Espagne, poursuit-il. En revanche, aucun titre de dette portugaise et irlandaise. »
Gestion d'actifs
20/01/2012

BoA-ML : hausse du bénéfice de la gestion d'actifs et de fortune

Au titre de 2011, Bank of America Merrill Lynch affiche en gestion d’actifs et de fortune (GWIM pour global wealth and investment management) un bénéfice net de 1.635 millions de dollars contre 1.340 millions pour l’année précédente. Ce secteur a recruté en net environ 1.700 conseillers financiers l’an dernier, dont plus de 200 au dernier trimestre.Au 31 décembre, l’encours total se situait à 647,1 milliards de dollars contre 643,3 milliards douze mois auparavant.A l'échelon du groupe, le bénéfice net de l’an dernier s’inscrit à 1.446 millions de dollars contre une perte de 2.238 millions pour 2010.
20/01/2012

BlackRock : plus de 67 milliards de dollars collectés en 2011

Pour l’ensemble de 2011, BlackRock fait état de souscriptions nettes de 67,3 milliards de dollars pour ses produits de long terme, avant prise en compte des 28,3 milliards de sorties liées à l’acquisition de Barclays Global Investors durant le premier semestre.Les encours au 31 décembre sont ressortis à 3.512,7 milliards de dollars, soit 1 % de moins que les 3.561 milliards affichés douze mois plus tôt et 5 % de plus que les 3.345 milliards de fin septembre.Au 12 janvier 2012, le «pipeline» de nouvelles souscriptions nettes se situait à 54,3 milliards de dollars, avant prise en compte, cette fois, d’une sortie de 40 milliards dans l’obligataire liée à un unique client désireux d’internaliser son activité.BlackRock, qui a recruté 900 personnes sur l’an dernier, affiche pour l’ensemble de l’an dernier une hausse de 5 % de son bénéfice net à 2.239 millions de dollars contre 2.139 pour 2010.
20/01/2012

UBI collecte en 2011

Malgré une année «éprouvante», Union Bancaire Gestion Institutionnelle, l’entité française du groupe suisse Union Bancaire Privée, a enregistré des souscriptions nettes de 200 millions d’euros tandis que la collecte groupe a été de 1,7 milliard d’euros, selon Dominique Leprévots, président du directoire d’UBI. Les encours de la structure françaises ressortent environ à 1,6 milliard d’euros à la fin de l’année, soit en très «légère croissance» par rapport à l’année précédente. Ses effectifs totalisent 13 personnes, dont cinq sur les obligations convertibles, cinq en middle office et trois pour la partie commerciale. UBI a notamment collecté 65 millions d’euros sur les obligations convertibles, qui sont d’ailleurs gérées à Paris et représentent environ 750 millions d’euros d’encours.
20/01/2012

Baisse des encours, hausse du bénéfice pour State Street

Les actifs gérés par State Street au 31 décembre ressortaient à 1.866 milliards de dollars contre 1.877 milliards trois mois plus tôt et 2010 milliards un an auparavant, mais le total des actifs sous gestion et administration a augmenté à 21.807 milliards de dollars contre 21.510 milliards au 30 septembre et 21.527 milliards fin 2010, selon le rapport annuel.State Street Corporation fait état pour l’exercice 2011 d’un bénéfice par action de 3,79 dollars contre 3,09 dollards pour l’année précédente. Le bénéfice net disponible pour les porteurs d’actions ordinaires a atteint l’an dernier 1.882 millions de dollars contre 1.540 millions pour 2010.
20/01/2012

Un ancien de Barclays GI prend la tête d'un fonds de pension coréen

Le fonds de pension des militaires coréens (MMAA, Military Mutual Aid Association) a recruté Seok-Hwan Park en qualité de chief investment officer, rapporte Asian Investor.Seok-Hwan Park, qui a notamment travaillé chez Barclays Global Investors à Hong Kong, a pris ses fonctions fin décembre à la suite de la démission de son prédécesseur, Jin Yeong-Ho, qui a rejoint BNG Securities en qualité de CEO.Seok-Hwan Park travaillait précédemment chez Capstone Asset Management à Séoul où il exerçait des responsabilités similaires à celles qu’il vient de prendre.Les actifs sous gestion du fonds coréen s'élèvent à environ 7,2 milliards de dollars.

Sujets d'actualité

Tous les sujets