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18/11/2011

Franchissements de seuils

Financière de l’Echiquier, agissant pour le compte de fonds dont elle assure la gestion, a franchi en hausse le seuil de 5 % des droits de vote et détient 8,83 % du capital et 8,82 % des droits de vote de la société Supra (15/11/11). Amundi agissant pour le compte du FCPE Arkema Actionnariat France dont elle assure la gestion, a franchi en hausse le seuil de 10 % des droits de vote et détient 5,91 % du capital et 10,01 % des droits de vote d’Arkema (17/11/11). Morgan Stanley IM Inc. agissant pour le compte de fonds et de clients dont elle assure la gestion, a franchi en hausse le seuil de 5 % des droits de vote et détient 5,96 % du capital et 5,15 % des droits de vote de Legrand (17/11/11).
18/11/2011

Henderson Property cède un actif parisien

Henderson Global Investors France a cédé pour le compte du fonds Warburg-Henderson Pan-Europa Nr.1 un immeuble à usage de bureaux et commerce. Le prix net vendeur de l’opération est de 22,2 millions d’euros. Ce bien qui développe une surface utile d’environ 2.500 m² était un actif acquis par Warburg-Henderson KAG depuis septembre 2005. Henderson précise que le rendement atteint par cet actif est de 8.6% par an avec un taux de rendement interne total de près de 30%.
18/11/2011

Tobam et FTSE élaborent une gamme d'indices dédiés aux institutionnels

La société de gestion Tobam et le fournisseur d’indices FTSE Groupe ont annoncé, jeudi 17 novembre, le lancement d’une nouvelle famille de huit indices. Les FTSE-TOBAM Maximum Diversification Index Series. Dans le détail, ces indices ont pour objectif de maximiser une définition mathématique de la diversification, le «Diversification Ratio», afin de fournir aux investisseurs institutionnels le portefeuille le plus diversifié possible en actions pour chaque univers d’investissement, international et domestique, à travers le monde.Les composants des indices en question appartiennent tous à l’indice FTSE All-World Index et sont pondérés de façon à ce que chaque facteur de risque contribue de façon équipondéré au risque du portefeuille, par opposition à une capi-pondération. La méthodologie de construction de portefeuille utilisé dans la construction de la série d’indices a déjà été adopté par des investisseurs majeurs dont CalPERS. La gamme sera initialement composée des 5 indices régionaux:FTSE TOBAM Maximum Diversification Developed World Index FTSE TOBAM Maximum Diversification Developed World ex-North America Index FTSE TOBAM Maximum Diversification Eurobloc Index FTSE TOBAM Maximum Diversification Developed Europe Index FTSE TOBAM Maximum Diversification Developed Asia Pacific ex-Japan Index Auxquels s’ajoutent trois indices pays : FTSE TOBAM Maximum Diversification UK Index FTSE TOBAM Maximum Diversification USA Index FTSE TOBAM Maximum Diversification Japan Index Les indices en question pourront être retenus pour devenir la référence d’instruments négociables tels que des ETF, des produits structurés ou des fonds indiciels.
18/11/2011

EdRAM recrute un gérant et prévoit l'arrivée d'un autre

Edmond de Rothschild Asset Management (EdRAM) annonce l’arrivée dans son effectif de Gegham Ananyan afin de renforcer son pôle Marchés Emergents & Matières Premières. Sa nomination s’inscrit dans la volonté d’Edmond de Rothschild Asset Management de renforcer son expertise sur ces marchés et plus particulièrement sur l’Europe de l’Est. A ce titre, un nouveau gérant spécialisé sur les marchés émergents devrait renforcer l’équipe dès le mois de janvier. Avant de rejoindre les équipes d’Edmond de Rothschild Asset Management, Gegham Ananyan était responsable du fonds Valartis Eastern European Equities chez Valartis Asset Management à Genève. Agé de 39 ans, il sera basé à Francfort sous la responsabilité de Thomas Gerhardt. L'équipe de gestion Marchés Emergents et Matières Premières comprend désormais 12 gérants répartis entre Paris, Hong Kong et Francfort. «Le pôle spécialisé d’EdRAM investit sur les marchés émergents à travers une gamme d’OPCVM généralistes comme EdR Global Emerging et EdR Asia Leaders, de fonds plus ciblés comme EdR China et EdR India ainsi que sur des thématiques matières premières, or et infrastructure, notamment à travers des fonds EdR Commosphere et EdR Goldsphere», précise un communiqué.
18/11/2011
Fonds

Arca Patrimoine lance un produit à capital protégé

Jusqu’au au 30 mars 2012, le courtier Arca Patrimoine commercialise Premium Multigestion 4, un produit reposant sur un titre de créance dédié à une clientèle de particuliers. Ce dernier offre une protection du capital investi à hauteur de 90% à l‘échéance des 10 ans et une performance qui repose sur un ensemble de quatre fonds diversifiés et multigestionnaires : Axiom Obligataire (35%), Carmignac Patrimoine (25%), Fox France (20%) et Fox Sélection (20%). La gestion est fonction de la volatilité : en fonction du niveau de risque, un indice dédié Premium Diversifié 3 permet une augmentation de l’exposition effective de l’indice à l’allocation en cas de faible volatilité, ou une diminution en cas de forte volatilité. A l’échéance des 10 ans, la Valeur Finale Retenue de l’indice Premium Diversifié 3 est égale à la moyenne des 5 plus hautes valeurs de l’indice Premium Diversifié 3 observées aux dates de constatations annuelles. Dans tous les cas, la valeur Finale Retenue de l’Indice Premium Diversifié 3 ne peut être enregistrée à un niveau inférieur à son niveau initial - ce minimum ne s’applique qu’à la valeur finale de d’indice et ne constitue par une garantie minimum de valeur pour le titre de créance Premium Multigestion 4. Un mécanisme exclusif de levier interne a été mis en place pour dynamiser la performance. L’investisseur bénéficie ainsi d’un montant supplémentaire investi dans le produit, équivalent à 120% de son investissement initial. Ce montant supplémentaire est remboursable au terme à un taux fixe de 4,14% par an. Premium Multigestion 4 est commercialisé au sein des contrats d’assurance vie Imaging et Imaging+ assurés par Inora Life France.
Fonds
18/11/2011

Deux arrivées chez Oddo Securities

Oddo Securities vient de nommer Marlène Denize Navarro responsable du Sales Trading Program Trading & ETFs et Jean-Philippe Lhomme sales trader Program Trading & ETFs. Les deux nouveaux promus auront pour mission de renforcer la part de l’exécution des flux (Program Trading & ETFs) dans l’activité de la société. Oddo Securities est présent sur les marchés européens, notamment dans les domaines de l’intermédiation actions, l’intermédiation marchés obligataires, l’analyse financière actions et l’analyse crédit, précise un communiqué. Marlène Denize Navarro était depuis avril 2005 Sales Trader Program Trading & ETFs chez Exane BNP Paribas. De son côté, Jean-Philippe Lhomme travaillait chez BNP Arbitrage au sein de la structure Delta One, notamment comme Trader (2007-2009) puis comme Sales (2010-2011) chez Crédit Suisse.
18/11/2011
Fonds

Aviva commercialise un fonds de performance absolue ISR en Espagne

Le Aviva Investors Sustainable Future Pan-European Absolute Return Fund est désormais enregistré pour la vente en Espagne, rapporte Funds People. Ce produit «durable» de performance absolue est géré par Derek Lygo qui a pour mission de construire un portefeuille long/short de haute conviction à forte teneur en actions européennes et de leurs dérivés, sans restriction de secteur ou de pays. Il peut s’appuyer sur l’expertise de l'équipe ISR d’Aviva Investors, qui compte 11 personnes.
Fonds
18/11/2011

Citibank distribue les fonds Pictet en Espagne

Les fonds d’investissement de Pictet AM sont désormais disponibles dans toutes les agences bancaires de Citibank España, rapporte Funds People. Cette coopération rentre dans le processus d’architecture ouverte mis en oeuvre par Citibank en Espagne.
18/11/2011

UBS unveils new strategic orientation

At Investor Day 2011, UBS unveiled the results of its strategic reflections, undertaken jointly by its board of directors and its management, which have placed wealth management activities at the core of the firm’s operations, while risk-weighted assets in the sense of the Basel III regulations may be reduced by CHF145bn in the investment banking unit, from a current level of CHF300bn. This downsizine will result in the loss of 2,000 jobs out of 18,000 by the end of 2016.“The growth and success of UBS will confirm its dominant place in wealth management activities, where the firm has a total of nearly CHF1.4trn in assets under management. UBS plans to strengthen this position in Switzerland, Europe, Asia-Pacific and emerging markets. The bank “will be careful to continue on the brilliant path set out on by Wealth Management Americas,” a statement says.The Global Asset Management unit will continue to offer investment services to its clients via diversified investment capacities. It will develop its third-party wholesale activities, relying on the advantages it has in Asia-Pacific and Switzerland, and will continue to provide its services to clients of UBS wealth management activities.The return on equity objective is about 12% to 178% for the group from 2013, with a tier 1 ratio of 13% (under Basel III) by 2013. Among the objectives announced for each division are the following:Wealth Management - Annual growth rate in net new money (NNM): 2-4% - Gross annual margin: 95-105 basis points (bp) - Cost/income ratio: 60-70%Wealth Management Americas - Annual growth in NNM: 2-4% - Gross annual margin: 75-85 bp - Cost/income ratio: 80-90%Global Asset Management - Annual growth rate in NNM: 3-5% - Gross annual margin: 32-38 bp - Operating ratio: 60-70%
18/11/2011

Union Investment recruits a head for bond management

Christian Eckers is leaving his position at the end of the year, at his own initiative. He will be replaced in mid-January by Frank Engels, as director of bond management at Union Investment (German co-operative banks), where he will report to Anja Mirkus, head of portfolio management on the executive board.Engels will be responsible for assets totalling EUR74bn.After serving as head of emerging market debt from June 2008 to September 2010 at Union Investment, Engels joined Barclays Capital in October 2010 as global head for asset allocation strategy and co-head of European economic affairs.
18/11/2011

Central banks buying up gold reserves

According to the most recent study by the World Gold Council, central banks bought 148.4 tonnes of gold in third quarter 2011, taking advantage of a low price for the metal, Les Echos reports. For the year as a whole, their purchases, which already total 348 tonnes, may rise to as much as 450 tonnes. This level has not been seen since 1972, when the Bretton Woods system came to an end, and along with it free convertibility of currency into gold.
18/11/2011

Barings to launch an India fund on 7 December

On 17 November, Baring Asset Management announced the launch of the Baring India fund on 7 December. The fund will be managed by Ajay Argal, who was recruited in September in Hong Kong and who had previously been the lead manager of the India Advantage Fund and the India Excel Fund from the asset management firm Birla Sunlife.The portfolio will be at least 70% composed of equities or securities related to equities from companies listed in India, or which undertake most of their economic activities in the country. Argal may also invest up to 30% of the portfolio in companies listed outside India on the Indian subcontinent, which realise a significant percentage of their activities in India.The fund will have a relatively high concentration with 30 to 50 positions.As of the end of October, Barings managed USD288m in Indian equities.The Baring India Fund will be a sub-fund of the Irish-registered, UCITS-compliant OEIC fund Baring Investment Funds Plc. Management commission is 1.5% for the A share class, and 0.5% for the I share class.
18/11/2011

ICI Global recruits a director from FSA

Giles Swan will join the new association ICI Global, founded by the Investment Company Institute (ICI) to defend the interests of international investment fund managers, in January 2012. Swan, a specialist in policy related to collective investment plans at the British Financial Services Authority (FSA), will become director of global funds policy, and will report to Dan Waters, managing director, Investment Europe reports.Swan joined the FSA in May 2005. He was in charge of negotiations with the Council of Ministers and the European Parliament on the subject of the AIFM directive, and directed one of four task forces at the European Securities Markets Authority (ESMA). He was also in charge of supervision of asset management firms, before taking additional responsibility for supervision of the operations of the largest life insurers in Asia, the United States and Europe.
18/11/2011

QuantValley: make Paris a major centre of quantitative alternative management

Following on the observation that the Paris market is poor in quantitative alternative management firms, QuantValley, an association with 20 founding partners, including eight asset management firms, academic institutions (Paris-Dauphine, Institut Louis Bachelier, Ensae), the competitiveness unit Finance Innovation and SMBs – has unveiled its initiative entitled “Paris: City of Quants 2020,” Agefi reports. The objective is to make this strategy represent 10% of assets under diversified management in France, as their percentage of assets in London is ten times higher. The initiative hopes to eventually make Paris the top centre in continental Europe for active quantitative management. On Thursday, 17 November, at the inception of the project, it was announced that a research project had been initiated, entitled “Development of quantitative management.” The research will be carried out by Paris-Dauphine university and ENSAE ParisTech.
18/11/2011

Two new arrivals at Oddo Securities

Oddo Securities has appointed Marlène Denize Navarro as head of Sales Program Trading & ETFs, and Jean-Philippe Lhomme as sales trader Program Trading & ETFs. The two newly-promoted employees will work to strengthen the market share for the firm’s Program Trading & ETFs activities. Oddo Securities is present in European markets, including in the areas of equity market intermediation, bond market intermediation, equities financial analysis and credit analysis, a statement says. Denize-Navarro had since April 2005 been a Sales Trader Program Trading & ETFs at Exane BNP Paribas. Lhomme, for his part, worked at BNP Arbitrage in the Delta One team, as a Trader (2007-2009) and as Sales (2010-2011) at Credit Suisse.
18/11/2011

Tobam and FTSE create a range of indices for institutionals

The asset management firm Tobam and the index provider FTSE Group on Thursday, 17 November announced that they are launching a new family of eight indices, entitled FTSE-TOBAM Maximum Diversification Index Series. The indices aim to maximise a mathematical definition of diversification, the “diversification ratio,” in order to provide institutional investors with the most diversified portfolio possible, in equities, for each investment universe, either international or domestic, worldwide. The sub-funds of the indices in question all belong to the FTSE All-World Index, and are weighted depending on the amount that each risk factor contributes to equially-weighted portfolio risk, as opposed to a weighting by cap size. The methodology used in the contruction of the portfolio used for the contruction of the series of indices has already been adopted by major investors, including CalPERS. The series of indices will initially be composed of 5 regional indices: FTSE TOBAM Maximum Diversification Developed World Index FTSE TOBAM Maximum Diversification Developed World ex-North America Index FTSE TOBAM Maximum Diversification Eurobloc Index FTSE TOBAM Maximum Diversification Developed Europe Index FTSE TOBAM Maximum Diversification Developed Asia Pacific ex-Japan IndexIn addition to this, there will be three country indices:FTSE TOBAM Maximum Diversification UK Index FTSE TOBAM Maximum Diversification USA Index FTSE TOBAM Maximum Diversification Japan Index The indices in question may be retained in order to become the basis for publicly traded instruments such as ETFs, structured products, and tracker funds.
18/11/2011

CalPERS appoints a head of strategy

The California pension fnud CalPERS on 17 November announced that it has appointed Sean Tracy to the newly-created position of head of strategy and performance. In his new role, Tracy, who previously worked in the California state government, will have particular responsibility for the development and monitoring of strategic projects for the fund, and monitoring of the development of performance measures.
18/11/2011

New head at Janus CI

Janus Capital International, the division of Janus Capital dedicated to international activities, has appointed Jamie Wong as head of consultant relations, for Europe, the Middle East and Africa (EMEA) and Asia. Wong will be based in London, and will supervise and develop the asset management firm’s activities alongside major local and international consultants. Wong will report directly to Augustus Cheh, president of Janus Capital International. Wong previously served as senior vice president at Lazard Asset Management, in charge of developing relations with international consultancy firms. Before joining Lazard Asset Management, Wong worked for Morgan Stanley Investment Management.
18/11/2011

Deutsche Börse and Nyse Euronext prepared to make concessions on derivatives

Agefi reports, citing information from Reuters, that Deutsche Börse and Nyse Euronext are prepared to sell off their equity options activities in Europe and let their competitors into Euroex Clearing, in order to lessen their dominant position on derivatives markets. The date on which the European Union is to review the proposal has been delayed from 22 December to 23 January, the newspaper reports.
18/11/2011

Aviva releases an absolute return fund in Spain

The Aviva Investors Sustainable Future Pan-European Absolute Return Fund is now registered for sale in Spain, Funds People reports. The “sustainable” absolute return product is managed by Derek Lygo, who will aim to construct a high-conviction long/short portfolio with a large exposure to European equities and their derivatives, without sectoral or country restrictions. He may rely on the expertise of the SRI team at Aviva Investors, which has 11 members.
18/11/2011

Citibank to sell Pictet funds in Spain

Investment funds from Pictet AM are now available in all branches of Citibank España, Funds People reports. The cooperation is a part of the open architecture process employed by Citibank in Spain.
18/11/2011

New CEO for Crédit Agricole Suisse in Hong Kong

Serge Janowski, who had been CEO for wealth management at BNP Paribas for Hong Kong and North Asia, has joined Crédit Agricole Suisse as CEO of its Hong Kong arm, a role in which he will develop its local private banking activities, Asian Investor reports. The new recruit will report to Georges Zecchin, CEO of Crédit Agricole Suisse in Asia since June.
18/11/2011

Hanoi to list ETFs in 2012

The Vietnamese government on 16 September announced that from next year, it will allow transactions on commodities ETFs on the Hanoi stock exchange, Handelsblatt reports. The corresponding regulations are expected to be passed by the end of this year. The objective is primarily to attract institutional investors.
18/11/2011

Aberdeen resells a property from DEGI Global Business

The Hollandhaus building in Bonn (11,000 square metres) has been resold by the open-ended real estate furm DEGI Global Business to IVG Institutional Funds, for an undisclosed price slightly low its most recent expert valuation, Aberdeen Immobilien KAG has announced. The property, the former, renovated embassy of the Netherlands to West Germany, is wholly leased to Deutsche Post Immobilien. It had been acquired for EUR17.2m in November 2007. Aberdeen Immobilien announced on 18 August that the DEGI Global Business fund would gradually be liquidated by 30 June 2014 at the latest.
18/11/2011

Transparency offensive on pension fund fees

Europe Pension reports that the Netherlands federation of retirement institutions (OPF) has announced that pension funds will now notify their members and other beneficiaries of all costs related to management of pension savings and asset management. This is a simple recommendation, without any obligation, meaning that the Federation is asking its members to comply, or else to explain why they are not doing so.A better overall vision of costs makes boards more accountable and allows them to personalise communications for various target groups. However, as the Federation is aware that this innovation will require considerable effort on the part of pension funds, it recommends a gradual application.
18/11/2011

British government sells Northern Rock to Virgin Money

George Osborne, the British Chancellor of the Exchequer, on 17 November announced the sale of Northern Rock Plc, which was nationalised on 23 February 2008, to Virgin Money. The Treasury will see GBP747m on the sale, and that amount may increase in the future to GBP1bn.Virgin Money has pledged not to undertake any involuntary redundancies, in addition to those already announced, for the next three years following the conclusion of the transaction (which will be completed by 1 January 2012).On 1 January 2010, Northern Rock was spun off into two entities, Northern Rock Plc, and Northern Rock (Asset Management) Plc.
18/11/2011

MetLife plans to create an asset management firm in the United Kingdom

Dominic Grinstead, managing director of MetLife UK, has announced that the US group may launch an asset management firm in the United Kingdom by 2013, though no final decision has yet been taken, Money Marketing reports. The site adds that FriendsLife announced at the beginning of the month that it is launching an asset management affiliate in the United Kingdom, which it aims to have operational by the second half of 2012.
18/11/2011

SGAM and SGAM AI fined for management of crisis in 2007

The Sanctions Committee of the French financial market regulator, the Autorité des marchés financiers (AMF), has fined SGAM (now integrated along with CAAM into Amundi) and SGAM AI (now part of Lyxor, in the SocGen group) EUR1m, with a pecuniary sanction of EUR1.5m. These penalties are linked to the way both affiliates of SocGen tried to fix the liquidity crisis after the 2007 forex crisis. The watchdog also charges the two asset management companies of breaching some compliance rules.
18/11/2011

Henderson GI sells a property in Paris

Henderson Global Investors France has sold an office and commercial property from the portfolio of the Warburg-Henderson Pan-Europa Nr.1 fund. The net sale price for the building is EUR22.2m. The property, which has a usable floor area of about 2,500 square metres, had been acquired by Warburg-Henderson KAG in September 2005. Henderson states that the returns earned on the property were 8.6% per year, with an internal rate of return of nearly 30%.
18/11/2011

AllianceBernstein gets behind thematic approach

In the face of difficulties with its value and growth strategies, AllianceBernstein is playing the diversification card, and is currently putting its weight behind thematic management, which often brings returns when exited from during turbulent market times. “This is not a time for us to abandon value or growth approaches, which represent cumulative assets of more than USD130bn as of the end of September, and which are still an integral part of our product range, but with an eye to diversification, we feel that a thematic approach could make is possible to identify companies likely to benefit from the innovative ideas of tomorrow,” says Catherine Wood, senior vice president at AllianceBernstein and head of thematic management, on a visit to Paris. In this thematic management, Wood manages about USD5bn in two major funds, one of which is focused on the United States, the Alliance US Thematic Research fund, which has about USD4bn in assets, and the other international, Alliance Global Thematic Research (USD1bn). The international strategy has been available to European investors since late 2009, while the US strategy has been available since July 2010, with assets of USD170m and USD80m, respectively. The thematic portfolio includes six major areas: the genome revolution, transformation of energy, reform to the financial system, intensification of cyclical markets, web 2.0, and reemergence of the middle classes. The criteria used in the selection of themes include their global and long-term character, their power to rupture existing ways with profound changes, and their multi-sectoral implications.

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