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08/09/2011

Alliance Trust recruits a manager from Schroders

The Alliance Trust group has recruited Jürgen Lanzer as a portfolio manager in its international equities team, led by Ilario Di Bon. He will begin in his new role in early October.Lanzer, who will be based in London, was previously at Schroders, where he had been since 2007. He had previously worked at UBS, with his new boss, Di Bon.
08/09/2011

Deka Immobilien acquires a property in Vienna

The Austrian developer IC Projektentwicklung has sold the BIZ 2 office building (18,500 square metres) in Vienna to the German firm Deka Immobilien GmbH for an undisclosed sum. The property will be added to the portfolio of the open-ended fund WestInvest ImmoValue, which is reserved for institutional investors.As of the end of July, Deka Immobilien Investment and its sister company WestInvest managed a atotal of EUR22bn in open-ended real estate funds.
08/09/2011

Metzler releases two non-benchmarked equities funds

Metzler Asset Management has announced that at the end of August it received a sales license from BaFin (Germany) and the FMA (Austria) for two Irish-registered funds specialised in equities, with concentrated portfolios of 30 positions. The products have no benchmark index, and are unconstrained in matter of portfolio construction.The first of the two, Metzler European Concentrated Growth (IE00B5T6MG33), invests primarily in high-quality large caps whose growth potential has been underestimated by the market, and which have limited exposure to the economic cycle.The second, Metzler European Small and Micro Cap (IE00B5M17487), focuses in European small and midcaps, mostly companies with capitalisation sizes of under EUR500m, with a maximum of EUR1bn.In both cases, the front-end fee and management commission are set at 5% and 1.8%, respectively.
08/09/2011

BlackRock appoints a managing director

BlackRock has announced that Mark Taborsky has been appointed as managing director and senior manager in the multi-asset client solutions (BMACS) division, focusing on fiduciary solutions aimed at institutionals. Taborsky was previously executive vice president at Pimco. As of 30 June, the BMACS division of BlackRock managed USD126bn in assets, of which USD50bn were in fiduciary mandates.
08/09/2011

Raiffeisen poaches a portfolio manager from East Capital

András Szálkai joined at the beginning of August the Emerging Markets Equities team at Raiffeisen Capital Management. He will be applying his experience primarily to cover Central Europe on Angelika Millendorfer’s team. András Szálkai was a fund manager at Vontobel Asset Management in Vienna for several years, and then changed to the Portfolio Management Team at East Capital in Stockholm and Vienna in 2006.
08/09/2011

Changes at the top at iShares

iShares, the ETF arm of BlackRock, has a new global head, Mark Wiedman. He replaces Mike Latham, who becomes chairman of the entity, a newly-created position, according to reports in the US and UK press which have been confirmed by BlackRock.Latham will remain a member of the operational committee at BlackRock and co-head of its San Francisco office.Wiedman was previously head of strategy at BlackRock.According to the UK and US press, citing an internal memo, the change is a result of a desire on the part of Latham to reduce his day-to-day responsibilities, and the frequency with which he travels, in order to take on a more strategic role at iShares.
08/09/2011

Pimco adds to active equities management team

Three former managers from Thornburg Investment Management make up the third active equity management team at Pimco (Allianz group) to be recruited since the launch of its equities platform in April 2010. The team includes Brad Kinkelaar and Cliff Remily, who become executive vice presidents and global equity portfolio managers, and Matt Burdett, who is appointed vice president and research analyst. The three will all be based at Pimco’s headquarters in Newport Beach.The US asset manager on 7 September also announced the appointment of Neel Kashkari as Head of Global Equities. Kashkari, a managing director, joined Pimco in December 2009 and previously served as Head of New Investment Initiatives.Active strategies in the area of equities at Pimco account for more than USD4bn in assets. The unit employs five senior portfolio managers, nine research analysts, six traders and six product managers.
08/09/2011

Bank of America will not change pay scales for wealth management unit

David Darnell, the new COO of Bank of America (BofA), has told the heads of the wealth management unit, which includes Merrill Lynch, that he intends to preserve the pay scales for financial advisers as they are, and to retain senior management in their current positions, the Wall Street Journal reports.The new right-hand man of CEO Brian Moynihan has said in several conference calls that advisers will continue to earn a percentage on the commissions they generate, and that they will continue to be rewarded for achieving certain asset-based goals.
08/09/2011

Copper market has taken a direction not foreseen by JPMorgan and BlackRock

The Wall Street Journal reports that JP Morgan Chase and BlackRock have told US regulators that copper production outstripped demand last year. In October last year, however, the firms submitted applications for licenses to launch the first physical ETFs trading the metal in the United States, claiming that a shortage in supply and growing demand would lead to rising prices.
08/09/2011

Switzerland refuses to hand over banking data to United States

Switzerland will not transmit any confidential banking information to the United States, Micheline Caly-Rey confirmed on 7 September, in response to rumours of an ultimatum from Washington. Any potential exchange of information could take place only within a legal framework under the double taxation convention.The president of Switzerland sought to put an end to speculation about a potential disclosure of the names of US banking clients suspected of tax fraud with accounts in Switzerland, many of them at Credit Suisse.“There have been talks exclusively about statistical questions,” Calmy-Rey told the press on Wednesday, at a press conference to announce her decision to step down at the end of this year. The talks have not covered the issue of banking confidentiality, she announced, but would answer no further questions.
08/09/2011

SWIP recruits CRO

Scottish Widow Investment Partnership (SWIP) has recruited Bindesh Savjani as chief risk officer. He will be based in Edinburgh, and will report to Dean Buckley, managing director of SWIP. Savjani previously worked as global chief risk officer at Aviva Investors.
08/09/2011

JP Morgan AM launches a fund investing in mining sector shares

J.P. Morgan Asset management announced on Wednesday, 7 September that it has launched, and registered in Sweden, the JPMorgan Funds – Global Mining Fund1, which invests in mining sector equities.The global portfolio of the fund, which is composed of about 50 to 100 positions on businesses of various cap sizes, is invested in companies of the mining sector or other associated areas of activity worldwide. The fund is focusing on mining companies that produce various metals, steel, gold, precious metals, minerals, and aluminum, and which have low production costs, promising plans, and excellent management.CharacteristicsISIN code A (acc) EUR: LU0362757584Date of inception: 08/02/2011Benchmark index: HSBC Global Mining Index (Total Return Net)Net assets in the fund: EUR2.9bn
08/09/2011

Net outflow of CHF1.9bn from Swisscanto in 2010/2011 fiscal year

Assets under management at Swisscanto throughout the group were down by CHF3.4bn to CHF54.7bn as of the end of its fiscal year on 30 June, of which a decline of CHF3.9bn were due to the strength of the Swiss franc alone, Swisscanto announced in a statement released on 7 September.Following withdrawals of capital from money market funds due to interest rates, and to reorganisations at institutional clients, the group has posted a net outflow of CHF1.9bn, the statement says.According to market statistics from SFA/Lipper, which is using a new database, Swisscanto has retained fourth place in the period under review, after UBS, Credit Suisse and Pictet, with a market share of 7.3%.
08/09/2011

HSBC launches an emerging markets ETF

HSBC has launched a physical replication ETF dedicated to emerging markets on the London Stock Exchange (LSE).The HSBC MSCI Emerging Markets ETF replicates the performance of the MSCI Emerging Markets index, which includes the largest caps in emerging markets including Brazil, Russia, China and India.
08/09/2011

UFG-LFP launches a fund investing in French premium wineyards

UFG-LFP has announced the launch of the LFP Grands Vignobles de France fund, which aims to create long-term value through two drivers of performance: expected appreciation in the value of vineyard real estate, the operation of the selected properties.The economic environment is highly favourable for wine makers, a statement says, due to the development of emerging economies and an increase in the more leisured social classes there, with, as a corollary, the development of new consumption habits that privilege high-end or luxury products. The fund’s investments will concentrate on French “premium” wine regions, including Bordeaux, the Rhône valley, Burgundy and the Loire valley.The product, a closed fund with an expected duration of 15 years, will be managed by UFG-REM, the real estate affiliate of the UFG-LFP group.The LFP Grands Vignobles the France fund is primarily aimed at institutional investors, but also at high net worth private investors.CharacteristicsLegal format: French-registered contractual SicavInvestors concerned: Authorised investors under article 413-25 of RGAMFClassification: Diversified OPCVMValuation frequency: monthly, until 31/12/2012, and quarterly thereafterRecommended investment duration: 15 yearsFund Manager: UFG REMDepository: BNP Paribas Securities ServicesSales outlet: UFG-LFP FranceMinimal initial subscription: EUR250,000Management fee: Maximum 1.20% net of taxes of net AUM in the fund
08/09/2011

SSgA adds to SPDR team in Frankfurt

Michael Geister, who for four years had been head of marketing and distribution for the German-speaking countries for ETP (ETFs and ETCs) products at ETF Securities (ETFS) in London, has been recruited by State Street Global Advisors (SSgA) for its Frankfurt office, specialised in ETF products under the SPDR brand name. He joins the team as Director Sales for Germany and Austria.
08/09/2011

Credit Suisse plans to relaunch private banking activities

Credit Suisse is launching a new growth initiative entitled “FuturePB” for its Private Banking division. According to a memo of which the AWP news agency obtained a copy, from the new head of the division, Hans-Ulrich Meister, to employees in the division, the bank has set three objectives: revise the commercial portfolio; evaluate new ways to improve potential profitability, and to further increase efficiency.Due to a market environment that remains difficult and a weak level of client activity, as well as low interest rates and unfavourable evolution of currency rates, the profitability of the division has suffered. Rising costs related to toughening regulations and other factors are further weighing on profits. In addition, the bank is facing the bottom of the cycle, and needs to operate on the assumption that the market environment will not improve in the near future. It is thus indispensable to orient business appropriately, the memo says.The bank will carefully examine what growth vectors the market currently offers, the memo continues. A more marked orientation to clients will be one of the most effective ways to increase growth and performance.
08/09/2011

ICGN to debate sustainable development recommendations

The members of the International Corporate Governance Network (ICGN) will next week hold their annual conference in Paris, from 12 September. At the conference they will debate a series of recommendations for risk management, management fees, remuneration structures, integration of environmental, social and governance (ESG) criteria, voting rights, and commission issues, which may in the future be included in investment mandates. If the recommendations are ratified, they may lead members of the network, which represents total assets of about USD12trn, much of it in pension funds, to integrate at least a part of the recommendations into their investment contracts. In risk management, the recommendations would have managers disclose details of their portfolio and management risks. In response to the financial crisis, the ICGN suggests that managers should also deploy a “systemic responsibility” policy, with information about the impact of risks on the stability of the markets, and on particular asset classes. In the chapter on integration of ESG criteria, the ICGN claims that better organisation of remuneration programs, and deployment of integrity standards for the conduct of personnel and/or for financial information, may have a long-term influence on the performance of assets. The ICGN points out that these recommendations come as additions to existing recommendations, such as the United Nations Principles for Responsible Investment (UN-PRI), or other specific dispositions for certain asset classes (private equity, hedge funds).
08/09/2011

Alceda Fund Management recrute une ancienne de F&C AM

Ancienne responsable de l'équipe de soutien aux ventes en Allemagne et à l’international de F&C Asset Management, Manuela Fröhlich a mis fin a la période sabbatique qu’elle avait entamée fin novembre 2011 : elle rejoindra en effet au 1er octobre le nouveau bureau londonien du luxembourgeois Alceda Fund Management (4,5 milliards d’euros sous administration) en tant que managing director; head of global fund sales. Dans cette fonction, elle sera chargée du développement d’un réseau international de distributeurs externes pour les fonds offerts au public par Alceda FM.
08/09/2011

Carlos Rivero rejoint Inversis

Responsable depuis deux ans de la plate-forme de fonds internationaux d’Ahorro Corporación, Carlos Rivero a été recruté par Inversis Bank Institutional, rapporte Funds People.L’intéressé rejoint Gustavo Montoya dans l'équipe responsable de la plate-forme de distribution de fonds d’investissement, qui dépend d’Inversis Bank Institutional, pôle dirigé par Salvador Martín.
08/09/2011

Tobias Schmidt devient président du directoire de Feri EuroRating Services

Helmut Knepel, dirigeant historique de l’agence de notation allemande Feri EuroRating Services (groupe MLP), quitte la présidence du directoire pour devenir président du conseil de surveillance. Il est remplacé par Tobias Schmidt, qui était déjà membre du directoire depuis 2008 et qui est entré chez Feri il y a plus de douze ans.Comme prévu de longue date, Eberhard Weiß, très ancien actionnaire de Feri, quitte ses fonctions de membre du directoire mais demeure conseiller de l’entreprise. Il est remplacé par Matthias Klöpper, qui est également membre du directoire de la maison-mère Feri Finance AG.Feri EuroRating Services (50 personnes, environ un millier de clients), qui a obtenu récemment de la BaFin le statut d’agence de notation européenne (lire notre article du 9 mai) élargit également sa direction générale (Geschäftsführung). Wolfgang Kubatzki, qui dirige le pôle immobilier, y est rejoint par Axel D. Angermann (pôle recherche économique) et par Daniel Burgmann (pôle opérations).
08/09/2011
Fonds

Metzler commercialise deux fonds d'actions non benchmarkés

Metlzer Asset Management indique avoir obtenu fin août l’agrément de commercialisation de la BaFin (Allemagne) et de la FMA (Autriche) pour deux fonds de droit irlandais spécialistes des actions et affichant un portefeuille concentré d’une trentaine de lignes. Ces produits n’utilisent pas d’indice de référence et sont gérés sans aucune contrainte a priori en matière de construction de portefeuille.Le premier, Metzler European Concentrated Growth (IE00B5T6MG33), investit principalement en grandes capitalisations de qualité mais dont le marché sous-estime le potentiel de croissance et qui sont peu exposées au cycle économique.Le second, Metzler European Small and Micro Cap (IE00B5M17487), se focalise sur les petites et moyennes capitalisationseuropéennes, en majorité des valeurs sous la barre des 500 millions d’euros de capitalisation boursière (le maximum est fixé à 1 milliard).Dans les deux cas, le droit d’entrée et la commission de gestion sont fixés à respectivement 5 % et 1,8 %.
Fonds
08/09/2011

Schroders renforce encore sa distribution en Allemagne

L’allemand Schroders Investment Management poursuit sa vague d’embauches en Allemagne. Il vient d’annoncer le recrutement de Bianca Eleonore Käs, économiste de formation, comme assistante de distribution chargée de la clientèle wholesale (fonds de fonds et gestionnaires de fortune) en Allemagne et en Autriche. Elle est subordonnée à Alexander Prawitz, directeur de la distribution. L’intéressée travaillait auparavant chez un conseiller financier.Ce recrutement fait suite à celui de Daniela Euchner au poste d’assistante commerciale pour la vente des fonds offerts au public en Allemagne (NewsManagers du 1er août), qui venait de Hartford Life, d’Alexander Wiss, comme directeur de la distribution pour les particuliers, les intermédiaires et les banques régionales du centre de l’Allemagne (NewsManagers du 8 juillet) et de Tania Engel (ex-American Express) qui a rejoint comme COO (NewsManagers du 5 juillet).
08/09/2011

SSgA muscle l'équipe francfortoise des SPDR

Michael Geister, qui a été pendant quatre ans responsable du marketing et de la distribution dans l’espace germanophone d’ETP (ETF et ETC) chez ETF Securities (ETFS) à Londres, a été recruté par State Street Global Advisors (SSgA) pour son bureau francfortois spécialiste des ETF de la marque SPDR. Il rejoindra bientôt SSgA en tant que Director Sales pour l’Allemagne et l’Autriche.
08/09/2011
Fonds

Deka Immobilien acquiert un immeuble à Vienne

Le développeur autrichien IC projektentwicklung a vendu pour un montant non divulguée l’immeuble de bureaux BIZ 2 (18.500 mètres carrés) de Vienne à l’allemand Deka Immobilien GmbH. Cet actif est versé au portefeuille du fonds offert au public WestInvest ImmoValue, qui est réservé aux investisseurs institutionels.A fin juillet, Deka Immobilien Investment et sa société sœur WestInvest géraient au total 22 milliards d’euros dans des fonds immobiliers offerts au public.
Fonds
08/09/2011

Raiffeisen recrute un gérant d’East Capital

András Szálkai a rejoint début août l’équipe actions émergentes de Raiffeisen Capital Management dirigée par Angelika Millendorfer. Il couvrira plus particulièrement l’Europe centrale. Il était depuis 2006 gérant de portefeuille chez East Capital à Stockholm et Vienne.
08/09/2011

HSBC va dégraisser à Hong Kong

La banque va supprimer 3.000 emplois à Hong Kong sur les trois prochaines années, a rapporté L’Agefi qui reprend une information diffusée sur Radio Television Hong Kong. Les suppressions toucheront notamment des postes d’encadrement dans les opérations de back-office, selon une note interne envoyée aux salariés citée par la radio.
08/09/2011

Temasek investit 2,8 milliards de dollars dans la banque chinoise CCB

Le fonds souverain de Singapour Temasek a indiqué en début de semaine dans un document remis à la Bourse de Hong Kong avoir acquis un tiers environ de la participation de Bank of America Merrill Lynch dans China Construction Bank, soit environ 2,8 milliards de dollars.Cette opération porte la participation de Temasek dans la banque chinoise à 8,1% contre 6,27% précédemment.
08/09/2011
Fonds

State Street GA enregistre 14 ETF en Italie

State Street Global Advisors a lancé auprès des investisseurs italiens, sur sa plate-forme SPDR ETF, 14 nouveaux ETF - dont 7 actions et 7 obligataires - cotés sur Deutsche Börse et le London Stock Exchange, rapporte Bluerating. Parmi ces produits figurent notamment un ETF actions qui réplique le Msci All Country World Index et un ETF obligataire offrant un accès à de la dette émergente en devise locale.
Fonds
08/09/2011

Amundi Italie se dote d’un nouveau CIO

Amundi SGR, la société de gestion italienne d’Amundi, vient de nommer Simone Facchinato en tant que directeur des investissements (chief investment officer – CIO) et responsable de l’équipe investissements de Milan. Il remplace Roberto Dopudi, qui devient deputy head international client au sein de l’équipe de gestion Solutions d’Investissements Institutionnels auprès de la maison mère, Amundi SA, à Paris. Simone Facchinato avait rejoint CAAM SGR, joint venture entre Crédit Agricole et Banca Intesa, en 2006 en tant que responsable Financial Engineering. Depuis décembre 2007, il était responsable marketing de Crédit Agricole Asset Management SGR, puis d’Amundi SGR. En Italie, Amundi gère un encours de 25 milliards d’euros à fin mars.

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