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24/03/2011

Partners Group completes Global Infrastructure 2009 program

Partners Group on 23 March announced that it has completed its Global Infrastructure 2009 investment program, with a total of EUR500m in assets, the target volume. The investors include public and private pension funds, insurers, financial institutions and private individuals, the group says in a statement. As of the end of 2010, 17 investments had been made as part of the program, including in the Australian coal-exporting terminal of Newcastle Coal Infrastructure Group, and in Italian solar installations by Rovigo. Investments have also been made in the UK, India, the Netherlands, France, Sweden, and Brazil. Investments are diversified by sector of activity, phase of financing and type of investment, a statement says.
24/03/2011

Executive resigns at Cantonal Bank of Geneva

The head of the private banking division at the Contonal Bank of Geneva, Jean-Louis Platteau, has resigned, the bank announced in a statement on 23 March. He has informed the bank of his plans to reorient his professional activities. Platteau had been a member of the management since 2008.
24/03/2011

State Street builds presence in Ireland

State Street Corporation on 22 March announced the appointment of robert Rushe as head of services for ETP products in Ireland. Rushe, who previously worked at Bank of Ireland Securities Services, will be in charge of the team dedicated to the ETP range, which includes ETF, ETN and ETC (exchange-traded certificates). State Street, which entered Ireland in 1996, has about 2,000 employees in the country, with offices in Dublin, Drogheda, Kilkenny and Naas.
24/03/2011

Threadneedle signs an agreement with DB in Italy

Threadneedle and Deutsche Bank have signed an agreement to distribute 34 Threadneedle funds via the 271 branches of the German bank in Italy, and via Finanza & Futuro Banca, the network of 1,250 financial advisers at the group. Among the Threadneedle funds which will now be sold in Italy by Deutsche Bank are the Pan European Fund, American Fund, American Select Fund and European High Yield Bond Fund.
24/03/2011

Mapfre launches a guaranteed fund benchmarked to Eurostoxx 50

The insurance firm Mapfre Vida on Wednesday launched the Fondmapfre Garantizado 1104, which will mature on 4 May 2015. The capital is 100% guaranteed, and returns will depend on the performance of the Euro Stoxx 50. There will be weekly liquidity windows beginning in the second year.
24/03/2011

Axa, Mirabaud and Pimco register funds in Spain

Three foreign management firms have recently received licenses to sell some of their products in Spain. They include the Axa IM Euro Moderato (E share class, FR0010950055, and I share class, FR0010950063) from Axa Ibercapital, and the Mirabaud Active Allocation (A share class, LU0562891944, and I share class, LU0562892165) from Mirabaud Finanzas. For its part, Pimco (Allianz Global Investors group) has registered the Pimco Emerging Asia Bond Fund, Pimco Emerging Markets and Infrastructure Bond Fund, and PIMCO Global Advantage Fund. The last of these replicates the fundamental index GLADI (Global Advantage Index), which was developed internally.
24/03/2011

Four appointments at Société Générale Private Banking

Société Générale Private Banking (SGPB) on Wednesday, 23 March announced four appointments to its wealth engineering, fiduciary services and life insurance divison, led by Laurent Joly. Jon Needham, who is based in Jersey, is appointed as global director of fiduciary services for the international banking network. He is also in charge of wealth engineering and fiduciary services for Société Générale Private Banking Hambros. Vittorio Castellani, who is based in Geneva, is appointed head of wealth engineering for Latin American clients of SGPB. He reports to Alberto Valenzuela, deputy CEO of Société Générale Private Banking (Switzerland) SA, and director of the Latin American client segment. Cécile Decomps, who is based in Paris, is appointed head of life insurance for Société Générale Private Banking, in charge of developing and promoting the life insurance product range in the international network of the private bank. Marco Cameroni, who is based in Luxembourg, is appointed head of wealth engineering and fiduciary services for private banking activities at Société Générale Bank & Trust (SGBT). He replaces Claudio Bacceli, who has recently been appointed CEO in charge of private banking at Société Générale Bank & Trust.
24/03/2011

Ossiam appoints head of compliance and internal control

Ossiam, the affiliate of Natixis Global Asset Management specialised in ETFs (exchange-traded funds), announced on Wednesday, 23 March that it has appointed Paul-Marc Lachaud as head of compliance and internal control at the firm. Lachaud, 32, is an addition to the organisation at the management firm, which is planning to launch its first products in May 2011, a statement says. In September 2007, Lachaud joined the inspector general’s office at the BPCE group, as inspector, and was in charge of evaluation of the risk control framework at the bank and its affiliates, and of improving the organization and effectiveness of the group’s various risk management entities.
24/03/2011

BNY Mellon raises dividends

BNY Mellon on 22 March announced an increase of 44% to its quarterly dividends, from 8 cents to 13 cents per share. The dividend will be paid on 1 May to shareholders registered on 29 April. The group has also announced that its board of directors has granted approval for a further extension to the share buyback program now underway. The new program will increase the buyback total to 47 million shares, with a value of up to USD1.3bn.
24/03/2011

Amundi remains overweight in equities

In its diversified portfolios, Amundi Asset Management “has been overweight in equities by several percentage points for the past six months,” and is planning to continue to prefer higher-risk assets. The management firm “is gradually reducing its overweight position on high-yield bonds,” Philippe Thurbide, head of research, strategy and analysis, stated on 23 March, adding that the firm has already been underweight in investment-grade corporate bonds for some time. In government bonds in particular, the French management firm is short on duration, due to continuing, yet evanescent prospects of a rise in inflation in western Europe, and more concrete dangers of rising prices in eastern Europe. Pascal Blanqué, deputy CEO and CIO of Amundi Group, adds that the management firm “is moving from credit to equities, particularly Euorpean equities, where valuations are currently attractive.” This slant towards European equities is leading symetrically to a reduction in the overweight exposure to emerging markets. In terms of Amundi’s product plans, Eric Turjeman, head of equities management in Paris, states clearly that the range is nearly complete in “all terrain,” and thus capable of satisfying any fluctuations in demand due to market evolution. But there might be additions to the range of minimum variance (minvar) products to control volatility, and «return» products.
24/03/2011

Prudential adds to range of real estate funds

Prudential Investments is launching two new real estate funds. The Prudential U.S. Real Estate Fund concentrates on investments in real estate companies in the United States, while the Prudential International Real Estate Fund invests in real estate companies outside North America, in developed countries and emerging markets.
24/03/2011

CCR AM hires a former Lyxor manager

Olivier Cornuot, 43, is joining the volatility and convertibles unit at CCR Asset Management, as a senior manager in charge of quantitative strategies. Cornuot was previously head of absolute return and manager of volatility arbitrage funds at Lyxor.
24/03/2011

New Alpha AM finalises first closing on new incubation vehicle

NewAlpha Asset management has completed a first round of fundraising at EUR105m for the NewAlpha Genesis 4 fund, from 10 institutional investors. The fund, whose final asset target is set at EUR150m, will be able to accept further subscriptions until the end of July 2011. The fund will aim to invest in diversified alternative strategies from asset management firms in a launch or development phase. The analysis and research team at NewAlpha Asset Management, which considered more than 300 candidates for incubation in 2010, has already identified, selected and begun negotiations with several managers that show attractive characteristics, both in terms of future performance and growth in activities. NewAlpha Genesis 4 will make its first investments by the end of first half 2011. NewAlpha Genesis 4 aims to offer total annualised performance of 8% to 12%, on an investment horizon of at least 3 years.
24/03/2011

Russell recruits for advising activities in Asia

Russell Investments on 23 March announced that it has appointed Trevor Persaud as head of advising activities for Asean countries, India, Hong Kong and Taiwan. In his new role, Persaud will be responsible for developing advising activities in the region, including investment advising, asset allocation, risk management and portfolio construction. Persaud, who previously worked at Prudential Asset Management in Singapore, will continue to be based in Singapore, and will report to Mahendran Nathan, chief executive for Asean, Hong Kong, Taiwan and India.
24/03/2011

Unicredit ne dit toujours rien sur la vente de Pioneer

La nouvelle direction d’Unicrédit emmenée par Federico Ghizzoni pourrait envisager de conserver Pioneer Global Asset Management, sa filiale de gestion d’actifs si les offres reçues se révélaient insuffisantes, rapporte L’Agefi. La banque italienne négocie actuellement avec trois candidats (Natixis, Amundi et le britannique Resolution) mais une rumeur parle aussi d’un rapprochement de Pioneer avec Eurizon, son concurrent chez Intesa Sanpaolo. «Une décision sera prise dans deux à trois semaines», a indiqué simplement le directeur général qui a déjà exclu toute vente de l’activité américaine de Pioneer, considérée comme «stratégique».
24/03/2011

Pioneer decision due in two to three weeks

At a presentation of its annual results, Federico Ghizzoni, CEO of UniCredit, announced that a decision would be made in two to three weeks on the sale of Pioneer, Il Sole – 24 Ore reports. The Italian newspaper reports that representatives of Resolution, one of the candidates, have met top management of UniCredit on several occasions in Milan to present the most recent details of their bid. The UK group is proposing to create a European asset management platform capable of attracting other players in the sector. Pioneer would then be owned by a newly-created firm owned by the new and former shareholders in the asset management firm, and thus potentially also UniCredit. The entity would be listed in London and Milan, with at least 51% of its capital public. The other candidates are Amundi and Natixis, though these have been made uneasy by the Italian government’s decision to block hostile operations in strategic sectors in the country, Il Sole notes. Ghizzoni did not rule out the possibility that Pioneer would not be sold.
24/03/2011

Wolfgang Sawazki joins Sal. Oppenheim

Wolfgang Sawazki, who was CEO of VM Vermögens-Management GmbH, an affiliate of the August von Finck group, after previusly serving 8 years as head of Oppenheim Research GmbH until 20009, is returning to Sal. Oppenheim. On 1 April, he will become operational head of the portfolio management team in the strategic clients division (i.e. clients with complex wealth structures), led by Stefan Jenssen. Sawarzki will also coordinate private wealth management on the investment policy committee, which is chaired by CIO Wolfgang Leoni.
24/03/2011

Record inflows to Japanese equities ETFs

In the week following the Japanese disaster of 11 March, ETFs based on Japanese equities posted net inflows of EUR1.2bn, the largest volume ever observed, according to data from TrimTabs Investment Research. Initially, investors pulled out of equities, taking their profits on a three-month rally, but buyers nearly immediately appeared in flocks, attracted by very low valuations. For the month of March as a whole, net inflows may top USD1.5bn, a higher level than the previous monthly record of USD1.1bn, in November 2005.
24/03/2011

JP Morgan lists 17 Invesco PowerShares ETFs

JP Morgan has announced that it has been retained by Invesco PowerShares to offer 17 of its US-registered ETFs on the Mexican stock exchange, the Bolsa Mexicana de Valores. The ETFs will be listed in Mexican pesos. They include the following ETFs:• PowerShares MENA Frontier Countries Portfolio • PowerShares VRDO Tax-Free Weekly Portfolio • PowerShares Build America Bond Portfolio• PowerShares Insured National Municipal Bond Portfolio • PowerShares International Dividend Achievers™ Portfolio • PowerShares Fundamental High Yield® Corporate Bond Portfolio • PowerShares DWA Emerging Markets Technical Leaders Portfolio • PowerShares DWA Technical Leaders Portfolio • PowerShares 1-30 Laddered Treasury Portfolio • PowerShares Dividend Achievers™ Portfolio • PowerShares CEF Income Composite Portfolio • PowerShares High Yield Equity Dividend Achievers™ Portfolio • PowerShares DWA Developed Markets Technical Leaders Portfolio • PowerShares Zacks Micro Cap Portfolio • PowerShares Emerging Markets Sovereign Debt Portfolio • PowerShares Dynamic Large Cap Value Portfolio • PowerShares S&P 500 High Quality Portfolio
24/03/2011

Swiss & Global AM launches the first Swiss hedge fund

Together with Swiss Hedge Capital, Swiss & Global Asset Management is launching the first single-manager hedge fund in Switzerland regulated by the Swiss Financial Market Supervisory Authority (FINMA), Swiss Hedge Trading Fund. Reto Barbarits, who is in charge of the Swiss Hedge Trading Fund project at Swiss & Global Asset Management, says: “Launching a hedge fund in an onshore environment is an innovation here in Switzerland. This move reflects the trend toward greater transparency and regulation in the interest of the investors. We see a lot of market potential here for the future as well.” The fund is a long/short equity fund and follows an active trading strategy. It focuses on the current market themes as well as the general trend on the stock markets, and invests predominantly in European blue chips. Swiss & Global Asset Management is in charge of the administration of the product, with Swiss Hedge Capital being responsible for fund management.
24/03/2011

Standard Life Investments adds to Australian personnel

Craig Aspinall has joined Standard Life Investments as chief investment officer, with the mission of developing the activities of Standard Life in Australia. He previously worked at Macquarie Global Investments. Standard Life Investments has also recruited Diana Ryan, previously at AMP Capital, as client representative, with responsibility for deploying development strategies in the region.
24/03/2011

Rome contre-attaque sur Parmalat

Le gouvernement a adopté un décret-loi augmentant le délai de tenue des assemblées générales. Une mesure fustigée par le patronat italien.

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