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04/07/2013

Eric Lee becomes CFO for Barings in Asia

P { margin-bottom: 0.08in; } UK-based Baring Asset Management has announced the creation of a position for a chief financial officer (CFO) for Asia. The role will go to Eric Lee, who had been finance controller for Asia ex Japan since 2007 at BlackRock, after serving as senior finance manager at Value Partners.Lee, based in Hong Kong, will report to Julian Swayne, CFO of the Barings group, and Gerry Ng, CEO of Baring Asset Management (Asia) Limited.The appointment of Lee follows the growth of Asian activities of Barings, particularly following the acquisition of SEI Asset Korea, which becomes Barings Korea.
04/07/2013

China Universal AM prepares RQFII ETF

P { margin-bottom: 0.08in; } The Hong Kong affiliate of the asset management firm China Universal Asset Management, based in Shanghai, is preparing an ETF denominated in RMB, aimed at foreign qualified institutional investors (RQFII), Asian Investor reports. The firm is also planning to use some of its RQFII quota of RMB2bn (USD325m), received in May, to launch an ETF which will replicate the Chinese CSI 300 benchmark index. China AMC launched an ETF which replicates this index in July 2012, and market sources say that Haitong Securities and HuaAn Funds are planning to launch similar products in the near future. After its launch, China Universal is planning to list the new ETF internationally, on the Tokyo stock exchange among others.
04/07/2013

BlackRock recruits former head of NYSE Liffe US

P { margin-bottom: 0.08in; } Tom Callahan, former CEO of NYSE Liffe US, will in September begin as deputy head of the cash management group at BlackRock, according to Bloomberg, relayed by Mutual Fund Wire.The cash management unit has over USD250bn in assets under management, or slightly less than 10% of the global market, says Richard Hoemer, head of cash management, in an internal memo.
04/07/2013

Oddo AM recruits Patrice Dussol in Switzerland

P { margin-bottom: 0.08in; } Oddo Asset Management has recruited Patrice Dussol as co-country head for Switzerland. He will primarily become responsible for German-speaking Switzerland. Dussol is also appointed as country manager for Spain and Portugal. In the mid-term, he will be responsible for the development of commercial relationships in South America.Before joining Oddo AM, Dussol was successively head of sales for Switzerland for the entire EdRAM group, after serving as head of sales for Europe (excluding affiliates). From 2006 to 2008, he served as business development manager Europe for Metropole Gestion.The new recruit will strengthen the Swiss sales team, which already has two members: Edouard Vallette Viallard, country head, in charge of institutional clients, private banks and family offices, and Bruno Allain-Hemeray, in charge of developing relationships with independent managers.Dussol will report to Bernard Lavasseur, head of the international sales team.In addition to this recruitment, Oddo AM has registered two new funds in Switzerland: Oddo Haut Rendement Monde 2018 (a bond horizon fund investing primarily in high yield bonds, whose issuers are located primarily in Europe, and up to 50% outside Europe, mostly in emerging markets), and Oddo Obligations Optimum (a fund which invests in public and private bonds, largely very short term and investment grade).The French asset management firm, which has been active for six years in Switzerland, opened an office in Zurich in 2011.
04/07/2013

Rabobank replaces BlackRock with Robeco

P { margin-bottom: 0.08in; } Fondsnieuws reports that Rabobank has notified shareholders in its Rabo RendeMix product that from 1 July, actively-managed diversified funds from Robeco which form a part of the composition of the portfolio will be replaced by tracker funds from BlackRock and ETFs from iShares.The change of asset management firms comes exactly on the date when the Japanese firm Orix announced that it had completed its acquisition of Robeco, which had previously been a Rabobank affiliate.
04/07/2013

Hedge funds will be allowed to advertise

P { margin-bottom: 0.08in; } Next Wednesday, the Securities and Exchange Commission will hold a vote that will allow firms that raise funds through private investment, including hedge funds, to advertise, so long as they target high net worth clients, the Wall Street Journal reports.
04/07/2013

ComStage liquidates four ETFs

P { margin-bottom: 0.08in; } Due to a lack of sufficient assets, four ETFs from ComStage were liquidated on 30 June, Commerz Funds Solutions SA has announced.They are the following products:ComStage ETF FTSE 250 TR ComStage ETF FTSE All-Share TR ComStage ETF FTSE 100 Short Strategy TRComStage ETF FTSE 100 Leveraged TR
04/07/2013

FPM recruits star manager from DeAWM

P { margin-bottom: 0.08in; } As of 1 September, Raik Hoffmann will join the Frankfurt-based boutique FPM Frankfurt Performance Management AG (about EUR500m in assets).Hoffmann has spent the past 15 years as an analyst and senior portfolio manager for European small and midcaps at DWS, then at Deutsche Asset & Wealth Management (DeAWM). From 2008 to June 2013, Hoffman had been the manager of the DWS German Small/Mid Cap fund.Meanwhile, FPM has announced that one of his two founders, Manfred Piontke, on 31 December 2013 decided to withdraw both from the managing board and management of funds, in order to concentrate on the management of his personal wealth. He will remain a shareholder and adviser at the asset management firm.
04/07/2013

FSP invests in Arkema and SEB group

P { margin-bottom: 0.08in; } The Fonds Stratégique de Participations (FSP) and its founders, BNP Paribas Cardif, CNPAssurances, Crédit Agricole Assurances (via its affiliate Predica), and Sogécap (Société Générale group), on 3 July announced the first major investments by the FSP in two French businesses which are leaders in their sectors, Arkema and the SEB group. The investment of the capital in these businesses is a sign of the desire of the FSP to assist in their development as a long-term investor and to participate in their governance. The management of the FSP has been entrusted to the Edmond de Rothschild group as an independent asset management specialist. The 5% stake threshold in the capital of the two firms has been passed. As of today, the FSP controls 6.05% of capital in Arkema and 5.25% of capital in SEB SA. These stakes receive quality management, a robust model and strong governance, which offer long-term growth prospects.
04/07/2013

Amundi appoints head of risk

P { margin-bottom: 0.08in; } Amundi has appointed Eric Vandamme as chief risk officer, the asset management firm announced on 3 July. In this role, he will be a member of the executive board. Vandamme, responsible for the creation of the investor relations department at the Crédit Agricole SA group in 2002, since mid-2003 had been responsible for the affiliates and stakes of the Crédit Agricole SA group.
04/07/2013

Edram preparing to reshuffle its management centres

P { margin-bottom: 0.08in; } According to several press reports, Jacques Tebeka, head of multi-management at Edmond de Rothschild Asset Management, is expected to leave the asset management firm based in Paris.The departure comes at a time when the Edmond de Rothschild group is working on a reshuffle of its management. According to information obtained by Newsmanagers, Edram is planning to announce a series of changes in autumn to its specialist management centres, based in variosu countries. All of multi-management would be grouped together at the Geneva management centre, and would be managed by the local team, led by Alexandre Col, currently responsible for multi-management for international clients. Paris would become the hub for traditional management, while emerging market management would be provided by management centres in Hong Kong and Frankfurt.The reshuffle would help the Edmond de Rothschild group to realise its international ambitions. Asset management is one of the two strategic professions for the group, which also includes private banking activities, and which currently has EUR54bn in assets. In spring, Laurent Tignard joined the group as global head of asset management, from HSBC Global Asset Management (France).
04/07/2013

Comfortable start to the year for Pictet AM in France

P { margin-bottom: 0.08in; } As of 31 May, assets in funds and mandates at Pictet Asset Management in France totalled slightly over EUR3.5bn, compared with EUR3.1bn as of 31 December. After market and currency effects, net subscriptions in the first five months of the year totalled about EUR260m, according to Hervé Thiard, managing director.The best net sales were for the emerging market local currency debt fund, the Japan fund and the Water fund. In terms of gross demand, the most popular funds were Timber, Water, Japan and emerging market debt in local currencies.
04/07/2013

French asset managers' associations define SRI

P { margin-bottom: 0.08in; } The French asset management association (Association Française de la Gestion financière, AFG) and the Responsible investment forum (Forum pour l’Investissement Responsable, FIR) have decided to specify the definition of socially responsible investment (SRI). In a statement released on Tuesday, 2 July, the two organisations state: “SRI is an investment which aims to reconcile economic performance and social and environmental impact, by financing businesses and public entities which contribute to sustainable development regardless of their business sector. By influencing governance and the behaviour of players, SRI promotes a responsible economy.”
04/07/2013

Alastair Gunn takes over at Jupiter High Income Fund

P { margin-bottom: 0.08in; } The Jupiter High Income Fund will now be managed by Alastair Gunn, who becomes principal manager of the fund. He replaces Anthony Nutt from 1 July. Nutt will retire in 2014, a statement says.Gunn will be responsible for the management of the fund, particularly the equity allocation. The bond allocation will continue to be managed by Ariel Bezalel. He has been serving in this role since 2006. Gunn was recruited in 2007 by Nutt, to join the equity management team.
04/07/2013

JPM AM merges three funds

P { margin-bottom: 0.08in; } J.P. Morgan Asset Management will merge three funds and launch a new retail product as part of a reshuffle of its British product range, Investment Week reports. The UK Equity, Emerging Markets Infrastructure and Institutional Balanced funds will be merged into others.
04/07/2013

LV= adds five BlackRock funds to its SIPP range

P { margin-bottom: 0.08in; } The self-invested personal pension (SIPP) Flexible Transition Account from London & Victoria (LV=) will now include 177 eligible funds. The insurer has announced that it has added five funds of the Consensus Funds range from BlackRock to its range, following requests from advisers.The new funds available are:BlackRock Consensus 35 BlackRock Consensus 60BlackRock Consensus 70BlackRock Consensus 85BlackRock Consensus 100
04/07/2013

La BCE et la BoE laissent leurs taux inchangés

La Banque centrale européenne a maintenu jeudi son principal taux directeur à 0,5%, les indicateurs les plus récents alimentant les espoirs de reprise. Le taux de facilité de dépôt a été maintenu à 0% tandis que le taux de prêt marginal reste à 1,0%. Le président de la BCE Mario Draghi tient une conférence de presse à 14h30. Il pourrait s’exprimer sur la future politique de communication de l'établissement. De même la Banque d’Angleterre (BoE) n’a modifié jeudi ni son taux directeur, maintenu à 0,5%, ni le montant de son programme de rachats d’actifs, qui reste à 375 milliards de livres, comme l’attendaient les marchés. Cette décision est la première prise sous la direction du nouveau gouverneur Marc Carney, qui remplace Mervyn King.
Photo : Bloomberg
04/07/2013

Hausse des coûts d'emprunt espagnol à moyen terme

L’Espagne a émis quatre milliards d’euros d’obligations souveraines à moyen terme lors d’une adjudication organisée jeudi. Madrid a émis un milliard d’euros d’obligations à trois ans, à échéance du 30 juillet 2016, avec un rendement de 2,875% contre 2,706% lors d’une précédente adjudication de même échéance du 6 juin. Le Trésor a aussi émis trois milliards d’euros de nouvelles obligations à cinq ans, assorties d’un coupon de 3,75% et à échéance du 31 octobre 2018 pour lesquelles le rendement moyen est ressorti à 3,792%.
04/07/2013

L'AMF dénonce une prise de risques "excessive" des marchés

L’Autorité des marchés financiers (AMF) a attiré l’attention jeudi sur l’augmentation cette année de la prise «excessive» de risques par des investisseurs en quête de rendements dans un contexte de faiblesse des taux d’intérêts. Le risque d’exposition à une remontée rapide des taux d’intérêt doit être attentivement pris en considération, tout comme le risque de leur maintien à un niveau durablement bas, prévient le régulateur dans sa cartographie 2013 des risques et tendances sur les marchés financiers et pour l'épargne.
04/07/2013

Les gérants échappent aux bonus plafonnés

Les députés européens qui votaient mercredi une nouvelle révision de la législation sur les OPCVM ont renoncé à plafonner à 100% du fixe le bonus des gérants. Le texte, dont l’adoption définitive risque d'être repoussée à fin 2014, renforce par ailleurs les obligations des dépositaires.
04/07/2013

L'Etat revient dans le jeu chez Dassault

En achetant une action Dassault Aviation, Paris a signé le 21 juin un pacte d’actionnaires avec EADS qui lui donne un droit de regard sur l’avenir des 46% que ce dernier détient dans le constructeur du Rafale, pivot d’une future recomposition du secteur de la défense.
04/07/2013

Une liste de politiques fraudeurs du fisc donnée à la justice

Un ancien cadre de la banque suisse Reyl & Cie, qui abritait le compte de Jérôme Cahuzac, a déclaré devant une commission parlementaire avoir transmis à la justice une liste d’hommes politiques français détenant un compte en Suisse. Pierre Condamin-Gerbier avait déjà été entendu le 13 juin à l’Assemblée dans le cadre du projet de loi de lutte contre la fraude fiscale.

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