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31/07/2009

Banque Sarasin turns to Asia to accelerate growth

To accelerate its growth, Sarasin bank is planning to open a third location in Germany. In addition, Sarasin is studying the possibility of opening a new branch office in China. The bank continued to attract net subscriptions in first half 2009. According to Le Temps, these subscriptions totalled CHF4.8bn. Assets totalled CHF79.9bn as of the end of June. In terms of results, net profits are down 28.5% year on year to CHF53.9m. “In terms of segments, the private banking unit has seen a fall of 92% in its pre-tax profits to CHF4m. Cost per product have deteriorated to 95% (from 70% one year earlier),” the newspaper states.
31/07/2009

Former New Star manager can claim compensation

Patrick Evershed, the fund manager who claimed bullying was rife at his former employer New Star Asset Management, founded by John Duffield, has won the right to pursue a claim for compensation at an employment tribunal, according toThe Guardian. «Duffield made life impossible for us,» says Evershed. It is reported he could claim up to GBP1m. New Star has been bought by Henderson.
31/07/2009

Losses in first half for RAB Capital

The UK alternative management firm RAB Capital has posted pre-tax losses of GBP2.7bn in first half, compared with profits of GBP12.5m one year previously. The losses are the result of a fall in revenues of GBP35.4m in June 2008, to GBP7.7m for the first six months of the year, due to low performance commission revenues and falling management fees. These fees are a function of assets under management, which totalled USD1.3bn as of 30 June, compared with USD1.9bn at the end of December, and USD5.9bn in June 2008.
31/07/2009

Italy lifts ban on short-selling

In a decision that contrasts with the position of the French regulator, the Autorité des marchés financiers (AMF), the Italian regulator Consob has decided not to extend a ban on short-selling beyond 31 July.
30/07/2009
Fonds

Le portefeuille de Temasek s’allège

La valeur du portefeuille de Temasek Holdings a chuté de plus de 40 milliards de dollars de Singapour (27,75 milliards de dollars US) sur un an à fin mars 2009, selon son directeur général, Ho Ching. D’après le Wall Street Journal, les encours du portefeuille de Temasek ressortaient à 127 milliards de dollars de Singapour à fin mars 2008, ce qui fait que l’investisseur aurait perdu 22 % sur 12 mois.
Fonds
30/07/2009

Profits down at Santander AM

Santander Asset Management has posted a decline in its revenues of 30.7% in first half year on year in annualised terms. Profits fell 52% to EUR40m, after operating costs and commissions to sales networks have been deducted. Total assets under management come to EUR105bn, 4% more than at the end of 2008, despite a decline in assets in Spain of 7% to EUR43bn.
30/07/2009

New head of sales at Robeco IM

Paul F. Healye has joined Robeco Investment Management, the American branch of the Robeco group, as Senior Managing Director in charge of sales, marketing, and client services. Healey joins the firm from Franklin Portfolio Associates, which he joined in 1997 as senior vice-president and director of sales and client services. He later became president in 2008. Franklin was merged into Mellon Capital Mangaement earlier this year. At Robeco, in his new role, Healey will replace Paul Heathwood, who will become director of sales through intermediaries and marketing.
30/07/2009

Pictet has ambitions to become a leading French bank

“Pictet, which had EUR211bn in assets under management as of the end of 2008, has seen an increase in its assets to EUR214bn as of the end of March 2009,” L’Agefi reports. The Swiss wealth management firm has done well out of the crisis. “We have not observed any net outflows. The decline in assets in 2008 compared with 2007 was related solely to market effects. We were also not exposed either to subprime, or to the Madoff scandal,” Dominique Benoit, CEO for France, tells L’Agefi. “We hope to become a leading bank in France, integrally focused on wealth management,” the Paris-based executive says. With this goal in mind, the firm is recruiting staff.
30/07/2009

Fidelity teams up with Deutsche Bank for IPOs

Individual investors with an account at Fidelity Investments will be able to participate in initial public offerings of businesses and other deals underwritten by Deutsche Bank, beginning this week, thanks to an agreement between the two groups, the Wall Street Journal reports. The agreement delivers a greater punch than the deal signed last month by the asset management firm and Kohlberg Kravis Roberts & Co.
30/07/2009

Acropole releases its funds in Austria

Citywire reports that Acropole AM has launched three of its funds in Austria: Acropole Convertibles Europe, Acropole Convertibles Monde and Acropole Convertibles Optimum. The asset management firm dedicated to convertible bonds is also launching a campaign to attract investors in the United Kingdom, Germany, Spain and Switzerland, Citywire continues.
30/07/2009

Tocqueville Finance distribué par Onlinesim

Onlinesim, plate-forme italienne de distribution d’OPCVM sur Internet, a passé un accord de distribution avec la société de gestion française Tocqueville Finance, indique un communiqué de l’entité transalpine. Dix fonds sont concernés par ce partenariat : Ulysse, Tocqueville Dividende et Odyssée (investis sur le marché français), Tocqueville Value Europe, Ithaque (marchés européens), Tocqueville Value Amérique et Tocqueville Small Caps Amérique (Etats-Unis) et Tocqueville Patrimoine (diversifié).Récemment, Online Sim a par ailleur élargi son offre avec trois fonds de Pioneer Asset Management (Pioneer Funds - U.S. Equity 130/30 Classe F, Pioneer Funds - Indian Equity Classe F et Pioneer Funds - European Equity Growth Classe F).
30/07/2009

Acropole lance ses fonds en Autriche

Selon Citywire, Acropole AM a lance trois de ses fonds en Autriche : Acropole Convertibles Europe, Acropole Convertibles Monde et Acropole Convertibles Optimum. La société de gestion dédiée aux obligations convertibles lance par ailleurs une campagne pour attirer les investisseurs au Royaume-Uni, Allemagne, Espagne et Suisse, poursuit Citywire.
30/07/2009
Fonds

RWC monte une équipe pour ses fonds long short US

RWC Partners a procédé à plusieurs recrutements importants, afin de constituer une équipe autour de Mike Corcell, ex de Threadneedle, qui gérera des fonds long short US, rapporte HedgeWeek. Les nouveaux venus sont Gabe Marshank, Alex Robarts, Sam Weeman et Hayes Varey. RWC lancera les fonds RWC Biltmore et RWC US Absolute Alpha en octobre.
Fonds
30/07/2009
Fonds

SJP change les gérants de deux fonds

St James’s Place va confier la gestion de ses fonds UK and General (414 millions de livres) à John Wood de JO Hambro et Greater European (388 millions) à Peg McGetrick de Liberty Square Asset Management, rapporte Investment Week. Les fonds sont actuellement gérés par THS Partners.
Fonds
30/07/2009

Fitch attribue un M2 à Mizuho Investment Management UK

Fitch Ratings a attribue à Mizuho Investment Management (UK), pour ses activités de gestion de leveraged loans, la note Asset Manager Rating de M2, qui remplace la note CDO Asset Manager Rating CAM2. Cela fait suite à l’adoption par l’agence de notation de nouveaux critères pour évaluer les gestionnaires crédit.
30/07/2009

UBS a mauvaise réputation

Selon L’Agefi suisse, la banque UBS est l’entreprise suisse qui jouit de la moins bonne réputation auprès de la population, selon un sondage réalisé par GfK Switzerland. Swatch Group arrive en première position.
30/07/2009

Baisse du bénéfice de Santander AM

Santander Asset Management a vu ses revenus décliner de 30,7 % au premier semestre sur un an glissant. Le bénéfice a chuté de 52 % à 40 millions d’euros, après déduction des dépenses opérationnelles et commissions versées aux réseaux commerciaux. Les encours totaux sous gestion sont ressortis à 105 milliards d’euros, soit 4 % de plus qu'à fin 2008, et ce, malgré la baisse des encours en Espagne de 7 % à 43 milliards d’euros.
30/07/2009

Nouveau responsable des ventes chez Robeco IM

Paul F. Healey vient de rejoindre Robeco Investment Management, la branche américaine du groupe Robeco, en tant que Senior Managing Director en charge des ventes, du marketing et des services clients. L’intéressé vient de Franklin Portfolio Associates, qu’il avait rejoint en 1997 en tant que vice-président senior et directeur des ventes et du service clients, pour devenir ensuite président en 2008. Franklin a été fusionné dans Mellon Capital Management en début d’année. Chez Robeco, dans ses nouvelles fonctions, Paul F. Healey remplace Paul Heathwood, qui va diriger les ventes intermédiaires et le marketing.
30/07/2009

Boursorama : baisse de 20 % des encours OPCVM

Au premier semestre 2009, Boursorama (groupe Société Générale) a ouvert 6.000 comptes épargne, portant le nombre de comptes à fin juin 2009 à 102.800, contre 93.290 à fin juin 2008. En assurance-vie, Boursorama enregistre une hausse de 5 % de ses encours à 1,66 milliard d’euros à fin juin 2009. En revanche, l’encours OPCVM chute de 20 %, à 1,20 milliard contre 1,49 milliard à fin juin 2008. Les encours d’épargne (OPCVM, Assurance Vie et Comptes sur Livrets) sont en léger retrait à 3,3 milliards d’euros (-3%) et le produit d’exploitation «épargne» s’établit à 5,8 millions au premier semestre 2009, contre 13,3 millions d’euros au premier semestre 2008.
30/07/2009

Pictet veut devenir une banque de référence en France

«Avec 211 milliards d’euros d’actifs sous gestion à fin 2008, Pictet a vu progresser ses encours à 214 milliards à fin mars 2009 (…)», rapporte L’Agefi, qui constate que le gestionnaire de fortune suisse a réussi à tirer son épingle du jeu pendant la crise. «Nous n’avons observé aucune décollecte. La baisse des encours entre 2008 et 2007 a été uniquement liée à l’effet marché. Nous n’avons par ailleurs été ni exposé au subprime, ni au scandale Madoff», indique à L’Agefi Dominique Benoit, directeur genéral France. Dans l’Hexagone, «nous ambitionnons de devenir une banque de référence en France, intégralement axée sur la gestion de fortune», indique le dirigeant parisien. Dans cette perspective, l’entité cherche à renforcer ses équipes.
30/07/2009

Fidelity s’allie avec Deutsche dans les introductions en Bourse

Les investisseurs individuels ayant un compte chez Fidelity Investments pourront participer aux introductions en Bourse de sociétés et autres opérations souscrites par Deutsche Bank à compter de cette semaine en vertu d’un accord entre les deux groupes, rapporte le Wall Street Journal. L’accord a une portée plus large que celui signé le mois dernier par la société de gestion et Kohlberg Kravis Roberts & Co.
30/07/2009

Ruth Madoff goes to court

Irving Picard, the official in charge of recovering money for Bernard Madoff’investors, is suing the wife of the financier, Ruth, for at least USD44.8m, the Wall Street Journal reports. Picard claims she led “a life of splendor” on the back of the fraud perpetrated by her husband. Picard claims Ruth Madoff “knew or should have known” that the large sums of money which she received from her husband’s investment firm belonged to the company and to clients.
30/07/2009

AMF details obligations of financial investment advisors to combat money-laundering

The French financial market regulator, the Autorité des marchés financiers (AMF), has published a guide on its website detailing the obligations that financial investment advisors (CIF) are under to combat money-laundering and funding for terrorism. In addition to laying out the major obligations for CIF operators, the brochure explains why the role of the advisor is important in the fight against money-laundering, the due diligence that these actors are required to conduct, and the consequences for their organisations.
30/07/2009

US government plans to clean up oil markets

The United States CFTC, the regulatory agency responsible for the commodity markets, will publish a report in August emphasizing the role played by investment funds in fluctuations in the price of hydrocarbons, Le Temps reports. “The regulator is expected to restrict the operations of ‘swap dealers,’ business banks which handle oil buy orders for dozens of investment funds, tracker funds (ETF) and pension funds,” the newspaper reports.
30/07/2009

Stanford: USD925m of investors' money sought

Ralph Janvey, the receiver appointed to administer the affairs of the businesses owned by Sir Allen Stanford, is seeking to recoup USD925m from investors, the Financial Times reports, citing court documents. The money is related to certificates of deposit issued by Stanford International Bank in Antigua.
30/07/2009

Tocqueville Finance products to be offered by Onlinesim

Onlinesim, an Italian online mutual fund distribution platform, has signed a distribution agreement with the French management firm Tocqueville Finance, the Italian firm has announced in a statement. Ten funds will be included in the partnership: Ulysse, Tocqueville Dividende et Odyssée (investis sur le marché français), Tocqueville Value Europe, Ithaque (European markets), Tocqueville Value Amérique and Tocqueville Small Caps Amérique (United States), and Tocqueville Patrimoine (diversified). Recently, Online Sim has also extended its product offerings with the addition of three funds from Pioneer Asset Management (Pioneer Funds - U.S. Equity 130/30 Classe F, Pioneer Funds - Indian Equity Classe F and Pioneer Funds - European Equity Growth Classe F).
30/07/2009

IOSCO publishes a guide to investment in structured products

The International Organization of Securities Commissions’ (IOSCO) Technical Committee has published a final report - IOSCO Good Practices in relation to Investment Managers’ Due Diligence When Investing in Structured Finance Instruments (Investment Manager Due Diligence Practices) – which contains guidelines aimed at assisting both investment management industry participants and regulatory bodies, in assessing the quality of their due diligence procedures regarding investments in structured finance instruments (SFI) by collective investment schemes (CIS) offered to retail investors.
30/07/2009

RWC builds a team for long/short US funds

RWC Partners has made a series of important recruitments, to construct a team around Mike Corcell, formerly of Threadneedle, to manage long/short US funds, HedgeWeek reporrts. The new recruits are Gabe Marshank, Alex Robarts, Sam Weeman and Hayes Varey. RWC will launch the RWC Biltmore and RWC US Absolute Alpha funds in October.
30/07/2009

Lombard Odier returns to high-risk assets

The Banque Lombard Odier is planning “to invest in high-risk assets in the next few months, expecting the risk/profit profile to become more attractive as market actors fall into line with the direction of events.” In the past few weeks, the bank had positioned its portfolios “defensively,” it is stated in the most recent quarterly newsletter from the firm describing its investment strategies for private clients.

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