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13/09/2011

Neuberger Berman recrute un responsable de l'intermédiation

Neuberger Berman vient de recruter Tom Douie en qualité de senior vice president, responsable de l’intermédiation pour l’Europe, rapporte FundWeb.Tom Douie aura la responsabilité du développement de l’offre d’investissement dans tous les pays européens. Il sera rattaché à Dik van Lomwel, responsable pour l’Europe et le Moyen Orient. Tom Douie travaillait précédemment chez American Century Investments.
13/09/2011

BlackRock veut développer son activité sur les fonds fermés

Le responsable des «investment trusts») (fonds fermés) chez RCM, Simon White, vient de rejoindre BlackRock pour assumer les mêmes fonctions, rapporte FundWeb.Simon White sera responsable de la gestion et du développement des investment trusts chez BlackRock. Il sera rattaché à Jonathan Ruck Keene, nommé responsable des fonds fermés pour la zone EMEA (Europe, Moyen Orient, Afrique).
13/09/2011

Andbanc acquiert la filiale monégasque de MPS

Pour 27,1 millions d’euros, dont 19,5 millions déjà versés, le groupe financier andorran Andbanc (Andorra Banc Agricol Reig SA, 8,45 milliards d’euros d’encours au 31 juillet) achète Monte dei Paschi Monaco SAM, filiale de l’italien Monte dei Paschi di Siena (MPS).Cette filiale de MPS, qui emploie une quarantainre de personnes et gère environ 600 millions d’euros, va adopter le nom d’Andbanc Monaco SAM sous la responsabilité de Gérard Griseti, directeur général.Le reliquat du prix d’acquisition sera versé le 30 septembre et MPS indique avoir réalisé une plus-value nette de 7,7 millions d’euros sur les 19,5 millions d’euros du premier versement.
13/09/2011

Italy turns to Chinese SWF

The Italian centre-right government is turning to China for help, in the hopes that the Chinese government will pull it out of the debt crisis with an investment in government bonds and strategic businesses, the Financial Times reports. Lou Jiwei, president of China Investment Corp, one of the largest sovereign wealth funds in the world, travelled to Rome last week for talks with Giulio Tremonti, the Italian finance minister, and the Cassa Depositi e Prestiti, a government-controlled entity which has created a strategic investment fund open to foreign investors.
13/09/2011

AR funds underperform the Eonia over 5y

In a recent survey, Lipper has considered the evolution of absolute return funds over the past five years. Over the period to the end of August 2011, these funds did not really manage to fulfil their promises, and in fact underperformed the money market.The moderate risk absolute return fund category has earned returns of 2.3% over 5 years, compared with 11.6% for the Eonia. However, it outperforms the Lipper euro flexible fund category, which lost 6.73% in the five-year period under review. Since the beginning of this year, the results are no more flattering for absolute return funds. They have lost 2.89% year to date, compared with +0.59% for the Eonia, and -7.38% for euro flexible funds.Lipper changed its classifications in 2009, in order to take into account the emergence of absolute return funds in French and European collective asset management. Absolute return funds are now categorized according to the degree of risk they involve (high risk, moderate risk, and low risk).
13/09/2011

Henderson Property signs a purchase contract for a retail park under construction

Henderson Global Investors (SAS) on 12 September announced that on behalf of the Warbirg-Henderson RZVK – Immo-Fonds, a 18,206 square metre commercial property, has been acquired under a purchase contract for a property not yet complete (Vente en Etat Futur d’Achèvement, or VEFA). The property under construction is located about 60 kilometres north of Paris, in the commercial activity zone of Creil- Saint Maximin (60), in the county of Oise, in the Picardy region. The commercial zone, founded in 1969, is the largest in Picardy. The property under construction is at the southern end of the commercial zone, which has over 160 tenants, 70% of which are national businesses. The global operation, developed by JMP Expansion, is part of the first phase of a transformation plan for the zone. The project is wholly pre-leased to Castorama on a 12-year lease. Castorama, which has been located in Creil for over 20 years, will move into the new building, which meets the latest requirements of the business, in early 2012.
13/09/2011

Hedge funds down 3.36% in August

The Hennessee hedge fund index fell by 3.36% in the month of August, while the S&P 500 fell by 5.68% in the same period. Since the beginning of the year, the index is down 1.80%, compared with 3.08% for the S&P 500. “Hedge funds last year saw their steepest declines since October 2008. Directional strategies, long/short and event-driven were the hardest-hit, while short biased and macro strategies were the best performers,” says Lee Hennessee, managing principal at the Hennessee group. The Hennessee long/short equity index was down 3.68% in August and 1.65% since the beginning of the year, while the macro index gained 0.60% in August, and 0.11% since the beginning of the year.
13/09/2011

Fidelity launches an onshore version of two funds

According to reports in the British press, Fidelity Worldwide Investment will launch onshore versions of two of its funds. On 14 September, the Global Real Assets Securities fund, whose offshore version was launched in September 2009, and which has USD250m in assets, will be the first.The China Consumer Fund (see Newsmanagers of 18 May), with assets of USD115m, will be next.For the two products, minimal subscription is set at GBP1.5trn, front-end fee at 3.5%, and management commission at 1.5%.
13/09/2011

Slater Investments preparing a UK midcaps fund

On 19 September, Slater Investments will launch the MFM Slater Income Fund, managed by co-founder and CIO Mark Slater, which aims for dividend yields of 5.49%.The portfolio will include 50 to 70 positions, which will initially be composed 34% of shares from the FTSE 100, 27% from the FTSE 250, 22% from the FTSE 350, and 14% from the AIM.Front-end fee will be 5.25%, and management commission will be 1.5%. Minimal subscription is set at GBP1,000.
13/09/2011

AllianceBernstein offers EMMA fund in Germany

The asset management firm AllianceBernstein, an affiliate of Axa, has been issued a license by BaFin to release the Luxembourg-registered Emerging Markets Multi-Asset Portfolio (EMMA), which aims for returns similar to equities markets, but with a lower volatility (see Newsmanagers of 29 August), in Germany. The fund charges fees of 1.60% (A-class shares, LU0633140644).
13/09/2011

Switzerland may strengthen its position as a professional centre

Switzerland may continue to strengthen its position as a professional centre for innovative banking transactions, with an international orientation and an emphasis on the client and on discretion, according to a joint study by the Swiss banking association and the Boston Consulting Group of the Swiss banking market, Agefi Switzerland reports. The study predicts that volumes will increase in all sectors, although pressure on margins will lead to increased pressure on costs, and lowered profit outlooks. In wealth management (an activity which requires less capital), a cost/income ratio approaching 80% will be rather the rule than the exception in Switzerland. The ASB and the Boston Consulting Group find that earnings or gross revenues for the Swiss banking market, estimated at CHF58.6bn in 2010 (a post-crisis base) may rise to CHF64bn by 2015, at a growth rate of 1.8% per year. The largest potential growth in gross earnings is in private banking, and particularly in the ultra-high net worth client segment, business and corporate clients (including commodity trading) and asset management.
13/09/2011

CalPERS to invest up to USD800m in infrastructure

The California pension fund CalPERS on 12 September announced that it is planning to invest up to USD800m in private or public infrastructure projects in the state of California in the next three years. The fund’s investments in infrastructure projects or infrastructure-dedicated private equity funds currently total USD203m.
13/09/2011

Warren Buffett continues to prepare his succession

Ted Wechsler, head of the alternative management firm Peninsula Capital Advisors LLC in Charlotteville, Va (about Usd1bn in assets), has been appointed as investment manager at Berkshire Hathaway (USD110bn), where Warren Buffett, 81, remains chairman and CEO, the Wall Street Journal reports.Wechsler, who will have to liquidate his own fund before joining Berkshire Hathaway, will join the firm in early 2012, and will be in charge of managing a small part of the group’s equity portfolio.Like another investment manager recruited in late 2010, Todd Combs, Wechsler will be in charge of a USD3bn chunk of the fund’s assets, while Buffett will remain responsible for 95% of the equity portfolio.Wechsler was the top bidder in an eBay auction to have lunch with the “oracle of Omaha” two years running, at a price of USD2.6m on the second occasion.Buffett may recruit a third manager. The three may succeed Buffett when the time comes, to manage equity and bond portfolios according to the instructions of the future CEO and board of directors at Berkshire Hathaway.
13/09/2011

Ignis AM may open an office in France

The Scottish asset management firm Ignis Asset Management (EUR87bn in assets) is considering opening an office in Paris, and may hire someone for the new office. For the moment, Philip Goldsmith, managing director for Europe, covers the French market from Switzerland, since joining the firm in September 2009.Meanwhile, an office will be opened in Milan, Italy, in a few days’ time. The office will have a staff of two, who are already responsible for this fast-growing market. At the beginning of this year, due to the dynamic development in that country, the asset management firm decided to release its funds to italian retail investors, and recruited a second person for the Italian market.Further north, Ignis AM is seeking a sales representative to cover the Scandianvian countries, who would be based in Sweden or Finland, the two largest markets in the region, whereas the previous sales representative had been based in London.In order to continue its development in Europe, Ignis AM is planning to scale up its Luxembourg structure, which already includes one sub-fund, launched in March 2011.
13/09/2011

Pierre Persico becomes head of private clients at Barclays France

Barclays has appointed Pierre Persico as head of private clients, and has recruited Gil Leveau as head of complementary channels and multi-channel business. Persico joined Barclays in January 2011 as co-manager of Barclays Patrimoine, a network of 300 financial advisers throughout France. He retains this position, and has joined the executive board of the bank. Previously, Persico was at Allianz. He has also been chairman of the board at Crédit Lyonnais Asset Management. Leveau, who will report to Persico, joins from the Axa group, where since 2009 he had been head of tools, processes, modelling and geomarketing for the general agents network of Axa France.
13/09/2011

Pimco director gets a big pay raise

The highest-paid director at Pimco Europe, the European arm of the bond management firm, saw a 173.8% increase in his income last year, to GBP25.6m, Financial News reports. The name of the individual has not been disclosed.
13/09/2011

IMA opens to foreign asset management firms

After its AGM, the Investment Management Association (IMA), which represents British asset management firms (GBP4trn in assets), on 12 September announced the creation of two new categories of members, from 1 January 2012. It explains that the decision is due to the rapid development of offshore funds, an expansion which is expected to intensify further with the entry into force of the UCITS IV directive.In the future, non-British businesses which manage funds with a license or authorised for sale in the United Kingdom will be permitted to become full members. Previously, only asset management firms with offices in the United Kingdom had been allowed to do to.The IMA is also creating a “sectoral” category of members, for managers who do not need to be full members, but who would like their funds to be included in the IMA’s classification sectors. This will be allowed for both British and foreign asset managers.
13/09/2011

Andbanc acquires Monaco affiliate of MPS

The Andorran financial group Ancbanc (Andorra Banc Agricol Reig SA, EUR8.45bn in assets as of 31 July) has acquired Monte dei Paschi Monaco SAM, an affiliate of the Italian firm Monte dei Paschi di Siena (MPS), for EUR27.1m, of which EUR19.5m have already been paid.The MPS affiliate, which has 40 employees and manages about EUR600m, will become known as Andbanc Monaco SAM, and will be led by Gérard Griseti, CEO.The remainder of the acqusition price will be paid on 30 September, and MPS has announced a capital gain of EUR7.7m on the EUR19.5m initial payment.
13/09/2011

Allianz acquires 80% of Skyline Plaza project in Frankfurt

On 12 September, Allianz Real Estate Germany announced that it had acquired an 80% stake in the Skyline Plaza shopping centre under construction in Frankfurt (38,000 square metres), which will be completed in autumn 2013, and which represents a total investment of about EUR360m.The vendors are the German affiliate of the Austrian firm CA Immo and the promoter/developer/operator ECE; the vendors will retain a 10% stake each in the property.
13/09/2011

MFS appoints a new head for German wholesale

Andrea Baron, who had been head of intermediary sales for Germany, Austria and Luxembourg at Morgan Stanley Investment Management (MSIM), has joined MFS Investment Management as managing director for wholesale distribution activities, in Frankfurt. He joins the office led by Lars Detlefs, head of relationships with institutional investors and consultants since early 2010; he will also report to Steve Haswell, head of global sales.
13/09/2011

BNPP IP promotes Tobias Bockholt

Tobias Bockholt, who joined BNP Paribas Investment Partners (BNPP IP) in 2010 from ABN Amro AM, has been promoted to head of the institutional sales team for Germany. He succeeds Charles Janssen, head of institutional sales Northern Europe, who had held the position in the interim since the departure of Evi Vogl, who moved to Pioneer Investments (see Newsmanagers of 1 December 2010). Martin Thesinger remains head of distribution partners.In his new position, Bockholt will be in charge of asset management for pension funds, corporate treasuries, insurers, charities and independent financial advisers.
13/09/2011

Schroders continues recruitment in Germany

The German asset management firm Schroders Investment Management GmbH on Monday announced a fifth recruitment since the beginning of July (see Newsmanagers of 8 September). The new arrival is Charles Neus, who joins the firm from JPMorgan Asset Management, where he had been director for retail insurance clients. He will be head of distribution for the insurance sector, and will report to CEO Achim Küssner.
13/09/2011

BNPP IP promeut Tobias Bockholt

Arrivé en 2010 chez BNP Paribas Investment Partners (BNPP IP), Tobias Bockholt (ex ABN Amro AM) a été promu directeur de l'équipe ventes institutionnelles pour l’Allemagne. Il succède à Charles Janssen, head of institutional sales Northern Europe, qui assurait l’intérim après le départ d’Evi Vogl, qui est partie chez Pioneer Investments (lire notre article du 1er décembre 2010). Martin Thesinger demeure responsable des partenaires de distribution. Dans ses nouvelles fonctions, thomas Bockholt sera chargé de la gestion pour le compte de caisses de retraite, de trésoriers d’entreprises, de banques, d’assurances, de fondation et de conseillers en gestion de patrimoine.
13/09/2011

MFS IM nomme un nouveau patron pour le "wholesale" en Allemagne

Andrea Baron, qui était responsable de la distribution par les intermédiaires pour l’Allemagne, l’Autriche et le Luxembourg chez Morgan Stanley Investment Management (MSIM) a rejoint MFS Investment Management comme managing director pour l’activité de distribution «wholesale» à Francfort. Il rejoint le bureau dirigé par Lars Detlefs, qui dirige les relations avec les investisseurs institutionnels et les consultants depuis le début de 2010 ; il sera également subordonné à Steve Haswell, head of global sales.
13/09/2011
Fonds

Allianz acquiert 80 % du projet Skyline Plaza de Francfort

Le 12 septembre, Allianz Real Estate Germany a annoncé avoir acquis une participation de 80 % dans le projet de centre commercial Skyline Plaza (38.000 mètres carrés) de Francfort qui doit être livré à l’automne 2013 et qui représente un investissement total d’environ 360 millions d’euros.Les vendeurs sont la filiale allemande de l’autrichien CA Immo et le promoteur/développeur/exploitant ECE, qui conservent chacun 10 % des parts.
Fonds
13/09/2011

Schroders continue de renforcer ses équipes en Allemagne

L’allemand Schroders Investment Management GmbH a annoncé lundi un cinquième recrutement depuis début juillet (lire notre article du 8 septembre). Le nouvel entrant est Charles Neus, qui vient de chez JPMorgan Asset Management, où il était directeur pour la clientèle retail insurance. Il sera directeur de la distribution pour le secteur assurances, sous la responsabilité du directeur général Achim Küssner.
13/09/2011
Fonds

AllianceBernstein propose son fonds EMMA en Allemagne

Filiale d’Axa, le gestionnaire AllianceBernstein a obtenu de la BaFin l’agrément de commercialisation du fonds luxembourgeois Emerging Markets Multi-Asset Portfolio (EMMA), qui vise une performance similaire à celle des actions avec une volatilité moindre (lire notre article du 29 août). Le fonds est chargé à 1,60 % (part A, LU0633140644)
Fonds
13/09/2011

Andrew Paisley joins SWIP

Andrew Paisley, senior investment manager at Kempen for the past five years, is joining Scottish Widows Investment Partnership (SWIP) in Edinburgh, as investment director. He will report to Peter Cockburn, head of UK equities, and will be in charge of managing British small caps mandates.
13/09/2011

Neuberger Berman recruits a head of intermediation

Neuberger Berman has recruited Tom Douie as senior vice president, in charge of intermediation for Europe, FundWeb reports. Douie will be responsible for development of the investment product range for all European countries. He will report to Dik van Lomwel, head for Europe and the Middle East. Douie previously worked at American Century Investments.
13/09/2011

Fidelity FundsNetwork recruits a director of key accounts

Fundweb reports that Fidelity FundsNetwork has created a position for a head of key accounts, and appointed Stephen Boucher, partnerships director at Standard Life, for the role. Boucher will report to David White, CEO of FundsNetwork.

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