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04/02/2011

Assets under management up at Eaton Vance

p { margin-bottom: 0.08in; } Assets under management at the US asset management group Eaton Vance totalled USD188.7bn as of 31 December 2010, compared with USD185.2bn as of 31 October. Assets in equities increased to USD113.7bn, compared with USD109.1bn, while fixed income contracted to USD42.3bn, from USD54.2bn previously.
04/02/2011

Richmond Park acquires Olympia

p { margin-bottom: 0.08in; } Richmond Park Capital (RPC), the parent company of Richmond Park Partners, will acquire the alternative multi-management firm Olympia, owned by Sagard Private Equity Partners and the employees and management of Olympia CM, a statement released on 4 February states. The personnel at the firm have agreed to remain in the group after the operation is completed, pending the approval of regulatory authorities.RPC says that it will help the management at Olympia CM, which currently manages about EUR1.5bn in assets, to develop its operations, foregrounding its strengths in the investment process, extending its product range, and adding to its marketing approach.The terms of the acquisition deal have not been disclosed.
04/02/2011

Frontier IM adds to multi-asset class product range

p { margin-bottom: 0.08in; } Hedge Week reports that Frontier Investment Management has announced that it has added to its range of multi-asset class funds with the launch of the IFDS Frontier Map Cautious Fund. The new fund, which will be launched on 8 February, will include eight asset classes, including global equities, international bonds, emerging markets equities, emerging markets bonds, international real estate, commodities, hedge funds, and managed futures. The allocation of the fund will offer investors lower volatility in returns than the diversified fund. The proportion of the Cautious fund to be invested in the bond asset class will consequently be higher.
04/02/2011

Michael Böhm becomes COO of HSBC Global AM Germany

p { margin-bottom: 0.08in; } Michael Böhm, director of capital market legislation on the executive team at the bank HSBC Trinkhaus & Burkhardt, was appointed on 1 January as a member of the executive board and chief operating officer at HSBC Global Asset Management (Deutschland). In this role, he will be responsible for legal affairs, compliance, controlling, IT, and projects. He will coordinate cross-border distribution of asset management products with the Paris and London offices.
04/02/2011

Deutsche Bank asset management results boosted by acquisitions

p { margin-bottom: 0.08in; } The Asset and Wealth Management (AWM) unit within the PCAM (Private Clients and Asset Management) division of Deutsche Bank in 2010 earned net profits of EUR3.9bn, up EUR1.2bn, or 4.6% over the previous year. Part of these gains (EUR646m) were related to the acquisitions of Sal. Oppenheim and BHF. For the year as a whole, AWM earned pre-tax profits of EUR100m, including a loss of EUR368m related to the Sal. Oppenheim and BHF acquisitions. In 2009, pre-tax profit totalled EUR200m. As of 31 December, assets under management in the AWM unit totalled EUR873bn, up EUR27bn from the end of September 2010.
04/02/2011

Allianz unit-linked retirement savings range goes green

p { margin-bottom: 0.08in; } From 1 January, clients of the life insurer Allianz Lebensversicherungs-AG (Allianz Leben) may select sustainable development funds, products from external management firms, and ETFs for their unit-linked retirement savings accounts. The list was released on 3 February.In the first category is Allianz RCM Global Sustainability – A – EUR, a best-in-class product, and the SRI funds Allianz Euroland Equity SRI – A – EUR, Pioneer Funds Global Ecology A, Sarasin OekoSar Equity – Global – A – EUR and Sarasin Sustainable Bond EUR, which are managed according to environmental, social and governance (ESG) criteria.Allianz Leben has also made available its range of three DWS funds (DWS Top Dividende, DWS Vermögensbildungsfonds I and DWS Deutschland) and the Aberdeen Global Emerging Markets Equity.The offer also extends to ETFs with the addition to the list of four ComStage products, the ComStage ETF DAX® FR, ComStage ETF EURO STOXX 50® FR, ComStage ETF S&P 500 and ComStage ETF MSCI World TRN.
04/02/2011

HSBC registers two ETFs in Spain

p { margin-bottom: 0.08in; } HSBC has recently registered two products with the CNMV: HSBC MSCI World ETF and HSBC MSCI Turkey ETF. The management firm has told Funds People that it is planning to release an additional series of ETFs in Spain that will replicate bond and equities indices.
04/02/2011

Hedge funds prefer Zurich to Geneva

p { margin-bottom: 0.08in; } Agefi Switzerland reports that a study by the consulting firm Etops seeks to combat the prevalent idea in Europe that Geneva is the most attractive location for hedge funds in Switzerland. To the contrary, the firm claims that with the cities of Zug and Pfäffikon, the Zurich region “is far ahead of Geneva” as a financial centre of choice for asset managers and hedge funds. The Zurich region accounts for about 40% of Swiss investors likely to invest in hedge funds, compared with 30% in Geneva, the consulting firm, itself based in Pfäffikon, claims.
04/02/2011

Hedge fund calls for departure of Actelioin directors

p { margin-bottom: 0.08in; } The US hedge fund Elliott Associates (USD17bn in assets) has called for the resignation of the president and CEO of Actelion, a Swiss biotech firm in which it is the largest shareholder, the Financial Times reports. In a letter to directors on Thursday, of which a copy was obtained by the newspaper, the hedge fund is severely critical of the management of the firm.
04/02/2011

BlackRock has a new director of institutional activities for Switzerland

p { margin-bottom: 0.08in; } Agefi Switzerland reports that Martin Gut has become the new director of institutional activities at BlackRock for Switzerland. He was previously head of relations with major institutional clients in Switzerland at Credit Suisse, where he previously spent ten years as director of Credit Suisse Bond Trading activities.
04/02/2011

Madoff trustee goes after JPMorgan Chase

p { margin-bottom: 0.08in; } According to legal documents released yesterday by the legally-appointed trustee for Bernard Madoff, Irving Picard, JPMorgan Chase played a role in providing cover for the Madoff scandal, Les Echos reports. The allegations come as part of a legal action by the trustee against JP Morgan to recover USD1bn in profits and USD5.4bn in damages and interest. According to the lawsuit, filed on 2 December, but which had previously been kept secret at the request of the bank, “directors at JP Morgan had expressed serious doubts about the legitimacy of the Madoff investment firm, more than 18 months before the collapse of his Pomzi scheme, but they continued to do business with him.”
04/02/2011

Sherborne wins its battle at F&C

p { margin-bottom: 0.08in; } The activist investor Edward Bramson has won his battle for control of the UK asset management firm F&C, in which he controls 17% of capital via his firm Sherborne Investors. His resolutions to install himself as head of the management firm were massively approved by shareholders at an extraordinary general shaoreholders’ meeting on 3 February, held at his request. 65% of shareholders voted in favour of the departure of Nick MacAndrew, chairman and director of the firm, and 61% voted for the departure of Brian Larcombe from his position as director. 70% of shareholders voted in favour of the appointment of Bramson as director, and he was then appointed the new chairman of F&C. 54.7% and 70.8% of shareholders, respectively, chose to appoint Ian Brindle and Derham O’Neill as members of the board of directors. Total votes on the fice resolutions represented more than 80% of capital issued by F&C. Back in August, Sherborne Investors, which defines itself as an investment company specialised in recovery at troubled businesses, announced its acquisition of a 5% stake in F&C. The stake was then increased, up to the present level of about 17%. At the end of December, Sherborne called for an extraordinary general shareholders’ meeting to replace the current management of the firm.
04/02/2011

Jupiter Global Fund available in Netherlands and Portugal

p { margin-bottom: 0.08in; } Jupiter on 3 February announced that its Luxembourg Sicav Jupiter Global Fund is now registered for sale in the Netherlands and Portugal. The development is a further sign of Jupiter’s desire to develop outside its main markets, which are Germany, France, and Switzerland. The number of sub-funds available via the Luxembourg Sicav has increased from seven three years ago to 14 currently. Assets under management in the Sicav totalled GBP1.1bn as of 31 December 2010.
04/02/2011

Standard Life Investments to release GARS Sicav in 10 European countries

p { margin-bottom: 0.08in; } On 3 February, Standard Life Investments (SLI) announced that its Global Absolute Return Strategies (GARS) portfolio, launched in November 2005, which has already raised EUR8bn, is now available in Sicav form in the United Kingdom (where it had been available as a unit trust since 2008), as well as in Germany, Denmark, Spain, Finland, Ireland, Luxembourg, Norway, the Netherlands, and Sweden. In the past three years (to 31 December 2010), the product has earned annualised gross returns of 8.62%, with volatility of 7.5% Its objective is to outperform the Euribor 6 month by 500 basis points.
04/02/2011

SLI registers GARS strategy in Europe

Standard Life Investments has announced that it has completed the launch of its Global Absolute Return Strategies portfolio (GARS) to European investors. Structured as a sub-fund forming part of Standard Life Investments’ Luxembourg-domiciled SICAV range, the Fund is now available in Denmark, Finland, Germany, Ireland, Luxembourg, The Netherlands, Norway, Spain and Sweden. The SICAV version is now also available in the United Kingdom, where a unit trust structure has been in place since 2008. GARS seeks to deliver an absolute return similar to what might be expected from equities in the long-term, but with significantly less risk. This is sought through a dynamic multi-asset, multi-market strategy that manages investments across a range of traditional and non-traditional sources of return. GARS currently has EUR8 billion of assets under management and 331 institutional clients.The strategy is managed by a team of 24 investment professionals with an average of 15 years’ investment experience.
04/02/2011

AXA Rosenberg settlement with SEC will not have knock-on effect on results

p { margin-bottom: 0.08in; } AXA announced on 3 February that it does not expect significant impact on its 2010 results due to the settlement reached by AXA Rosenberg, an affiliate of AXA Investment Managers, with the US Securities and Exchange Commission, on the basis of projections which are already reflected in results for first half 2010.The SEC announced the same day that three entities of Axa Rosenberg would pay USD242m to settle a lawsuit related to an IT malfunction. Axa Rosenberg revealed in April 2010 that it had discovered an error in a risk modelling program that had the effect of minimising some risks in its portfolio optimisation system.The Securities and Exchange Commission (SEC) says that the settlement will bring USD216.8m in reimbursements for losses by clients of Axa Rosenberg Group LLC< Axa Rosenberg Investment Management LLC and Barr Rosenberg Research Center LLC.The SEC received an additional payment of USD25m for violations of the deontology code and professional standards.
04/02/2011

Insider trading investigation focuses on hedge funds

p { margin-bottom: 0.08in; } At least 15 hedge funds obtained confidential information about businesses from directors at the companies, according to regulators investigating insider trading on Wall Street, the Financial Times reports. The Securities and Exchange Commission on Thursday filed charges against two consultants working at the expert network company Primary Global Research, and four employees, who they accuse of providing confidential information about results and technology products to hedge funds and other parties, the newspaper reports.
04/02/2011

Net profits at Ameriprise up 55% in 2010

p { margin-bottom: 0.08in; } The US group Ameriprise Financial has reported net profits for fourth quarter 2010 of USD305m, compared with USD237m one year previously. For the year as a whole, net profits were up 55%, to USD1.1bn. Ameriprise says in a statement that in fourth quarter 2010, Advice & Wealth Management and Asset Management activities represented 54% of pre-tax operating profits, compared with 30% one year earlier. Assets under management in the Asset Management unit increased 88% over the year to USD457bn. This significant increased, related to the acquisition of Columbia Management and to positive market effects, was nonetheless offset by outflows. Threadneedle, whose assets under management rose 8% to Usd108bn, posted a significant inflow, even though net outflows ran to USD290bn in the quarter under review. In institutional assets, net outflows totalled USD5.7bn, of which USD4.7bn were from insurance portfolios. In the Advice & Wealth Management unit, retail client assets increased 12% year on year to USD329bn.
04/02/2011

Swiss asset management looks to the future with confidence

p { margin-bottom: 0.08in; } The Swiss asset management and investment fund sector has developed well in 2010, and is now looking to the future with optimism. “This year will be a good time to resolutely roll out new improvements to guiding conditions,” the Swiss Funds association says in a statement. As of the end of 2010, the statement says, 7,191 collective capital investment funds were authorised for public sale in Switzerland (6,502 the previous year), of which 1,400 (previously 1,343) were Swiss-registered funds. “The Swiss investment fund and asset management market has recovered nicely from the financial crisis, and is now in good health. But it still has room to grow, which is all the more marked as investor confidence has not yet fully recovered. But Switzerland is well-equipped to brilliantly face these challenges in the future,” says Martin Thommen, president of the SFA, cited in a statement. The number of members of the association rose by another 10% in 2010, to 171 companies. Among the new active members are Aberdeen AM Switzerland, Dexia AM Luxembourg SA, Geneva, Jabre Capital Partners SA, Geneva, LGT Capital Partners SA, Pfäffikon, Partners Group, and Reyl AM SA, Geneva.
04/02/2011

Michael Böhm devient COO de HSBC Global AM Allemagne

Directeur du droit des marchés de capitaux au sein de l'état-major de la banque HSBC Trinkaus & Burkhardt, Michael Böhm a été nommé au 1er janvier membre du comité exécutif et chief operating officer de HSBC Global Asset Management (Deutschland). A ce titre, il sera responsable des affaires juridiques, de la conformité, du contrôle de gestion, de l’informatique et des projets. Il assurera avec Paris et Londres la coordination de la distribution transfrontière des produits de gestion d’actifs.
04/02/2011

Kneip ouvre un bureau à Francfort

Kneip, le fournisseur luxembourgeois de services au secteur des fonds d’investissement, a annoncé le 3 février qu’il étend sa présence européenne en ouvrant un bureau à Francfort qui sera dirigé par Jürgen Fass. D’après les données Kneip, le marché allemand est actuellement le troisième rang en Europe après le Luxembourg et la France. En établissant une présence physique dans la région, la société a expliqué qu’elle obtiendra ainsi une connaissance plus approfondie de ce marché de façon à lui fournir un service plus adapté.
04/02/2011

Allianz verdit sa gamme d'épargne retraite en unités de compte

Depuis le 1er janvier, les clients de l’assureur-vie Allianz Lebensversicherungs-AG (Allianz Leben) ont la possibilité de choisir des fonds développement durable, des produits de gestionnaires externes et des ETF pour leurs contrats d'épargne-retraite en unités de compte. La liste en a été publiée le 3 février.Dans la première catégorie figurent le fonds Allianz RCM Global Sustainability – A – EUR, un produit «best-in-class» ainsi que les fonds ISR Allianz Euroland Equity SRI – A – EUR, Pioneer Funds Global Ecology A, Sarasin OekoSar Equity – Global – A – EUR et Sarasin Sustainable Bond EUR, qui sont gérés en fonction de critères environnementaux, sociaux et gouvernementaux.Par ailleurs, Allianz Leben a ouvert sa gamme à trois fonds DWS (DWS Top Dividende, DWS Vermögensbildungsfonds I et DWS Deutschland) ainsi qu’au fonds Aberdeen Global Emerging Markets Equity.De plus, l’offre s'élargit aux ETF avec l’insertion dans la liste de quatre produits ComStage, les ComStage ETF DAX® FR, ComStage ETF EURO STOXX 50® FR, ComStage ETF S&P 500 et ComStage ETF MSCI World TRN.
04/02/2011

Les résultats de Deutsche Bank en gestion d'actifs soutenus par les acquisitions

Le pôle Asset and Wealth Management (AWM) au sein de la division PCAM (Private Clients and Asset Management) de la Deutsche Bank a réalisé en 2010 un produit net de 3,9 milliards d’euros, en progression de 1,2 milliard d’euros ou 46%, par rapport à l’année précédente. Une partie de ce gain (646 millions d’euros) est liée aux acquisitions de Sal. Oppenheim/BHF. Sur l’ensemble de l’année, AWM a dégagé un bénéfice avant impôts de 100 millions d’euros, dont une perte de 368 millions d’euros liée aux acquisitions de Sal. Oppenheim/BHF. En 2009, le résultat imposable s'était inscrit à 200 millions d’euros. Au 31 décembre dernier, les actifs sous gestion d’AWM s'élevaient à 873 milliards d’euros, en hausse de 27 milliards par rapport à fin septembre 2010. Les seuls actifs sous gestion de la partie Asset Management ont progressé de 17 milliards d’euros, sous le triple impact des taux de change, de l’effet marché et d’une collecte nette de 4 milliards d’euros.
04/02/2011

CB Richard Ellis lance la plateforme PropertyMatch

Selon l’Agefi, le conseil en immobilier CB Richard Ellis vient de lancer avec GFI Group en Europe une plateforme, PropertyMatch, sur laquelle les investisseurs peuvent échanger des parts dans des fonds immobiliers. Ce portail de marché secondaire existe depuis deux ans au Royaume-Uni.
04/02/2011
Fonds

Standard Life Investments fait enregistrer sa stratégie GARS en Europe

Standard Life Investments a fait enregistrer son fonds Global Absolute Return Strategies (GARS) dans la plupart des pays d’Europe continentale. Compartiment de la sicav luxembourgeoise de la société de gestion, le produit est désormais disponible au Danemark, en Finlande, en Allemagne, en Irlande, au Luxembourg, aux Pays-Bas, en Norvège, en Espagne et en Suède. La version sicav est aussi agréée au Royaume-Uni, où un unit trust existe depuis 2008. La stratégie GARS, lancée en novembre 2005, cherche à dégager un rendement absolu similaire à ce que l’on pourrait attendre des actions sur le long terme, mais avec moins de risques, au travers d’une allocation multi-actifs et multi-marchés. Elle est gérée par 24 professionnels de l’investissement et représente 8 milliards d’euros gérés pour le compte de 331 clients institutionnels.
Fonds
04/02/2011
Fonds

Le Jupiter Global Fund distribué aux Pays-Bas et au Portugal

Jupiter a annoncé le 3 février que sa sicav luxembourgeoise Jupiter Global Fund était désormais enregistrée aux Pays-Bas et au Portugal. Cette évolution est une nouvelle illustration de la volonté de développement de Jupiter au-delà de ses principaux marchés que sont l’Allemagne, la France et la Suisse.Le nombre de compartiments disponibles au travers de la sicav luxembourgeoise est passé de sept il y a trois ans à quatorze actuellement. Les actifs sous gestion de la sicav s'élèvaient à 1,1 milliard de livres au 31 décembre 2010.
Fonds
04/02/2011

Sherborne gagne la bataille contre F&C

L’investisseur activiste Edward Bramson a remporté sa bataille pour le contrôle de la société de gestion britannique F&C, dont il détient 17 % du capital via sa société Sherborne Investors. Ses résolutions visant à se placer à la tête de la société ont en effet été massivement approuvées par les actionnaires lors de l’assemblée générale extraordinaire du 3 février qui avait été convoquée à sa demande.Dans le détail, 65 % des actionnaires ont voté en faveur du départ de Nick MacAndrew, président et administrateur de la société et 61 % pour le retrait de Brian Larcombe en tant qu’administrateur. Dans le même temps, 70 % des actionnaires se sont prononcés en faveur de la nomination d’Edward Bramson en tant qu’administrateur, lequel devrait être désigné nouveau président de F&C. Enfin, 54,7 % et 70,8 % des actionnaires ont respectivement choisi de nommer Ian Brindle et Derham O’Neill comme membres du conseil d’administration.Le total des votes sur les cinq résolutions ont représenté plus de 80 % du capital émis de F&C.C’est en plein mois d’août que Sherborne Investors, qui se définit comme une société d’investissement spécialisée dans le redressement des entreprises, avait annoncé l’acquisition de 5 % de F&C. Cette participation a par la suite été élargie jusqu’à représenter 17 % du capital environ. Et fin décembre, Sherborne avait demandé la tenue d’une assemblée générale extraordinaire afin de limoger la direction actuelle.
04/02/2011

Frontier IM renforce sa gamme multi-classes d'actifs

Selon Hedge Week, Frontier Investment Management a annoncé un renforcement de sa gamme de fonds multi-classes d’actifs avec le lancement du IFDS Frontier Map Cautious Fund. Le nouveau fonds, qui devrait être lancé le 9 février prochain, devrait comprendre huit classes d’actifs, à savoir les actions internationales, les obligations internationales, les actions émergentes, les obligations émergentes, l’immobilier international, les matières premières, les hedge funds et les managed futures. L’allocation de ce fonds devrait proposer aux investisseurs une moindre volatilité des rendements que le fonds diversifié. La proportion du Cautious fund investie dans les classes d’actifs obligataires sera en conséquence sensiblement revue à la hausse.
04/02/2011
Fonds

HSBC enregistre deux ETF en Espagne

Récemment, HSBC a fait enregistrer par la CNMV deux produits, HSBC MSCI World ETF et HSBC MSCI Turkey ETF. Le gestionnaire a indiqué à Funds People qu’il compte commercialiser cette année une série d’ETF supplémentaires en Espagne. Ils répliquent des indices obligataires et d’actions.
Fonds
04/02/2011

Hausse de l'encours des fonds gérés par le Santander

Le Santander déclare pour 2010 un bénéfice net en baisse de 8,5 % sur 2009 à 8,18 milliards d’euros et une détérioration de 1,6 point de son coefficient d’exploitation à 43,3 % contre 41,7 %. Le «core capital» s’affiche à 8,8 % contre 8,6 %.Le bénéfice net de la division assurances et gestion d’actifs s’est accru de 15,2 % à 462 millions d’euros.Pour leur part, les actifs gérés dans des fonds d’investissement ont augmenté en un an de 7,9 % à 113,51 milliards d’euros, tandis que l’encours des fonds de pension se tassait de 3 % à plus de 10,96 milliards d’euros (lire notre article du 5 février 2010).

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