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29/04/2013

Ashmore opens an office in Indonesia

[if gte mso 9]> Normal 0 false false false MicrosoftInternetExplorer4 The Ashmore group has opened an office in Indonesia, where it will sell its funds via the Indonesian banking network, Funds People reports. The group is already present in the country via its range dedicated to emerging market debt, equities, and special situations.
29/04/2013

UBS loses a US equity manager

The manager Sam Console has decided to leave UBS, only six months after being appointed to replace manager Lawrence Kemp on two US equity strategies by the group, Citywire reports. Console and analyst Peter Bye had managed the UBS (Lux) Equity – USA Growth+ and UBS US Growth+ funds since November 2012, when Kemp left the firm.
29/04/2013

Investors rotate back to bond funds

EPFR global-tracked bond funds outgained their equity fund counterparts by the widest margin since late October during the third week of April as a mixed earnings season, weak macroeconomic data and concerns about the impact of Japan’s current monetary policy on emerging markets export stories curbed investor appetite for equities. Emerging market equity funds saw outflows of USD2.1bn in theweek to 24 April, while Japanese equity funds nonetheless continued to post inflows, largely due to subscriptions from Japanese investors. Investors sought to satisfy their appetite for returns with high dividend equity and high yield corporate bond funds. Overall, bond funds took in a net USD7.58 billion – a 23 week high – as they extended an inflow streak stretching back to late December while equity funds recorded net redemptions of USD3.73 billion, their first outflow since the third week of November. Investors pulled USD9.27 billion out of money market funds with Europe money market funds accounting for over half of that total.
29/04/2013

Long/short HFs outperform other strategies in first quarter

Long/short hedge funds have led the best-performing strategies in first quarter, according to the research firm Preqin. Cumulative net assets from these strategies totalled 4.43%, the most recent Hedge Fund Spotlight from Preqin reports.Long/short strategies were also the most popular with investors, as 43% of those planning to turn to hedge funds in the next twelve months planned to favour long/short. And long/short funds also represented 58% of all new product launched in first quarter 2013, compared with 36% in first quarter 2012.Macro strategies posted returns of only 1.17% in first quarter, but launches of new products dedicated to this strategy fell from 32% of the total in first quarter 2012 to only 14% in first quarter 2013. The appetite of investors for this strategy, however, remains at its highest level since second quarter 2012. 29% of investors continue to choose such funds, compared with 37% in second quarter 2012.
29/04/2013

Commerz Real replaces CRO

As of 1 June, Eduardo Moran will join the board at Commerz Real (the real estate unit of Commerzbank) as chief risk officer. Moran, who who joined Commerzbank in 1997, is currently chief credit officer corporates for all of the German and international portfolio of business clients of the SMB bank (Mittelstandsbank), for both enterprise clients and the corporates & markets division.Moran will replace Frank Jenes, who will now sit on the board with responsibility for participations in businesses and asset structuring.
29/04/2013

Profits down at comdirect

For first quarter 2013, comdirect bank has posted net profits of EUR16.85m, compared with EUR19.45m in October-December 2012, and EUR22.05m for the corresponding period of last year. A fall in market interest rates has led to a 20% fall in revenues from interest, after risk provisions, at EUR33.4m.Assets under management or administration as of 31 March were up by nearly EUR2bn compared with the end of December, at EUR50.82bn, compared with EUR48.85bn, of which EUR28.98bn were for B2C (comdirect) and EUR21.84bn, compared with EUR20.95bn, for B2B (ebase).
29/04/2013

Four former Berenberg employees found a wealth management firm

Sven Albrecht, Andreas Kitta, Holger Knaup and Carsten Riehemann, who spent years as private bankers at Berenberg until summer 2012, have founded the wealth management firm Albrecht, Kita & Co. in Hamburg, with each of them holding an equal stake.The new firm is aimed at retail clients, family businesses, family offices and foundations. st1:*{behavior:url(#ieooui) }
29/04/2013

Profits rebound at Van Lanschot

In first quarter 2013, the Netherlands-based firm Van Lanschot has posted net profits of EUR24.8m, compared with a loss of EUR164.7m in October-December, and a net profit of EUR16.8m in the corresponding period of last year.Client assets (including savings deposits and current accounts) increased by EUR700m to EUR53bn as of 31 March, largely due to market appreciation and net subscriptions to the asset management division.
29/04/2013

Kempen CM recruits for team dedicated to hedge funds

Igor Puljic and Marjoleine van der Peet will join the Hedge Funds team at Kempen Capital Management (KCM) in Amsterdam. Igor Puljic (36) will join KCM’s Hedge Funds team in May as senior portfolio manager. He has thirteen years of manager selection experience. Most recently, he spent eight years at London-based Key Asset Management where he was deputy CIO and portfolio manager for the firm’s flagship multi-strategy fund of hedge funds. Marjoleine van der Peet (38) will also start as senior portfolio manager for KCM’s Hedge Funds team in July. She has ten years of manager selection experience, the first three years as investment consultant at Watson Wyatt and the last seven years as senior investment analyst and portfolio manager at GAM Plc in London. MKCM manages two funds of hedge funds, Kempen Orange Investment Partnership and Kempen Non- Directional Partnership, for both institutional investors and private clients. Aggregate AUM across these funds was USD 738 million per 31 March 2013.
29/04/2013

Assets up at Sabadell

Thanks to its acquisition of Gestión del Mediterraneo, an affiliate of the savings bank CAM (see Newsmanagers of 6 June 2012), assets at the asset management unit of Banco Sabadell totalled EUR8.97bn as of the end of March, compared with EUR8.585bn three months previously, and EUR8.295bn one year previously. Assets in the pension funds operation, for their part, rose by 27.4% year on year, to EUR3.731bn, compared with EUR2.929bn; they totalled EUR3.709bn as of 31 December.Profits at Banco Sabadell in January-March fell by 51.1% compared with the corresponding period of 2012, to EUR51.1m, largely due to provisions of EUR324.9m imposed by the government to improve the balance sheet (Guindos plan). st1:*{behavior:url(#ieooui) }
29/04/2013

“We got the retail OPCI market off the ground”

As head of Amundi Immobilier, the real estate unit of the Amundi group, Nicolas Simon can congratulate himself for the success that the retail OPCI fund Opcimmo met with last year. With a market share of 75%, the product was one of the drivers of the nascent market, which had been flatlined for some time. The CEO of Amundi Immobilier discusses the reasons for this success with Newsmanagers, and also discusses plans for institutional clients, another strong area at the firm.
29/04/2013

Hedge fund indices becoming more popular with institutionals

A growing number of institutional investors are considering allocating assets to alternative indices as a new active approach to beta management, according to a study by Northern Trust of 51 institutional investors representing cumulative assets of USD800bn under management.“Rather than considering investment strategy options as active or passive, investors are now considering that there is a continuum of options within beta solutions, with traditional indices weighted by cap-sizes on one hand, and 10)% active strategies on the other,” explains John Krief, managing director of asset management for Europe, the Middle East and Africa (EMEA) at Northern Trust.Among the institutionals surveyed by Northern Trust, three out of ten are invested in alternative indices, while 32% are considering using these indices. Among those who already use them, six out of ten say that they have increased their allocation in the past two years.Alternative indices are attractive to investors, since they allow access to returns, while capturing exposure to specific factors such as value momentum and volatility. But the study finds that taking a decision to invest in a hedge fund, and choosing which index to invest in, represent active decisions: 60% of investors surveyed say that the decision to allocate to an alternative index is equivalent to an active investment decision, and required the same level of due diligence. The study finds that value and low volatility are the factors most sought after by investors (more than 50% of respondents), and that the vast majority of them (over 92%) say that they are seeking to reduce risk via exposure to alternative indices. Diversification is also cited by 84.6% of investors, while only 54% mention returns.
29/04/2013

Laurent Guillet appointed as CEO of Amundi London Branch

Amundi on Friday announced the appointment of LaurentGuillet as chief executive officer (CEO) of Amundi London Branch. He replaces Laurent Crosnier, who had held the dual role of CEO and chief investment officer since October 2010. Amundi has now decided to separate these two roles. Laurent Guillet will take on his responsibilities as chief executive officer, Amundi London Branch on 1st June, subject to regulatory approval, while maintaining his role as chief executive officer of Amundi Alternative Investments which he has held since May 2011. “Laurent’s objective will be two-fold,” a statement from Amundi states: “to focus on business development with UK investors building on Amundi’s strong expertise and to promote Amundi London’s fund management expertise globally.” Now focusing on the investment side of the business, Laurent Crosnier will maintain his responsibilities as CIO of the London Branch and deputy head of Amundi’s Fixed Income platform under the direction of Eric Brard, global head of Fixed Income.“In this role,” the firm says, “Laurent will continue to drive the business as a centre of excellence in fund management for all global products including credit, government bonds, and emerging market debt, and equities.” Laurent Guillet has been CEO of Amundi AI since May 2011 and was previously Deputy CEO, having joined in April 2007 to focus on the managed account platform. Crosnier, for his part, was appointed CIO of Amundi London Branch. In October 2010, he took on the position of CEO of Amundi London Branch, retaining his role of CIO and continuing to act in this capacity.
29/04/2013

FCA prohibits rebates to platforms

The Financial Conduct Authority (FCA), one of the two newmarket watchdog authorities in the United Kingdom created as part of a reshuffle of the FSA, on April 26 released new remuneration rules for platforms. Commission kickbacks are now prohibited. Currently, providers of investment products, such as investment managers, generally pay a rebate to some platforms in order to have their products included on a platform. This rebate comes from the annual management charge (AMC) which is paid by the investor to the fund manager. As a result, some platforms are able to give the impression that they are offering a free service, which means that the investor may not understand the true cost of the service provided by the platform. The FCA says that it can be difficult for investors to compare prices and products available on different platforms. There is also a risk that these payments could lead to product bias in the investment market, as products offered by providers who are unwilling or unable to pay a rebate to the platform from their product charges may not have their products available to the investors using that platform.The FCA is making changes to ensure that investors can make fully informed choices if they wish to use a platform and understand what they are paying for the service the platform provides. These rules will come into force on 6 April 2014 but platforms will have two years to move existing customers to the new explicit charging model. At the end of the two year transitional period (6 April 2016) platforms will have to charge its customers a platform charge for both new and existing business.
29/04/2013

Rendement au plus bas depuis octobre 2010 pour l’émission italienne

L’Italie a adjugé six milliards d’euros de dette sur des échéances de cinq et 10 ans, avec des rendements revenus à des plus bas sans précédent depuis octobre 2010. Les investisseurs semblaient rassurés après l’annonce de la formation du gouvernement. Le Trésor a levé trois milliards d’euros à échéance 2018, avec un rendement brut en baisse à 2,84% contre 3,65% lors de la précédente adjudication de ce type.Sur l'échéance à 2023, Rome a également adjugé trois milliards d’euros de titres à un rendement de 3,94% contre 4,66%.
29/04/2013

Vienne vise un accord rapide sur le secret bancaire

L’Autriche, jusqu’ici opposée à la levée de son secret bancaire, espère un accord avec l’Union européenne sur l'échange d’informations bancaires d’ici le sommet européen du 22 mai, a déclaré samedi son chancelier Werner Faymann. «Le plus grand dommage économique serait d’avoir la réputation de protéger la fraude», a-t-il estimé sur la chaîne ORF.
29/04/2013

L’Italie réussit à se doter d’un nouveau gouvernement

Trois jours après sa nomination, Enrico Letta a présenté samedi au président italien Giorgio Napolitano la composition de son gouvernement de coalition dans lequel Angelino Alfano, l’un des plus proches alliés de Silvio Berlusconi, aura le rang de vice-président du Conseil. «Je n’ai pas besoin de formule spéciale pour définir la nature de ce gouvernement: c’est un gouvernement politique (...), l’unique possible», a commenté le président de la République. Outre la vice-présidence du Conseil, Angelino Alfano, secrétaire général de Peuple de la liberté (PDL), sera également ministre de l’Intérieur. Le ministère de l’Economie revient en revanche à un «expert» sans affiliation politique, l’actuel directeur général de la Banque d’Italie, Fabrizzio Saccomanni, tandis qu’Emma Bonino, ancienne commissaire européenne, prendra en charge les Affaires étrangères. Une fusillade a éclaté durant la prestation de serment devant le palais Chigi, siège du gouvernement à Rome.
29/04/2013

Le secteur public grec subit les effets de la rigueur

Le parlement grec a adopté hier soir, à 58% des voix exprimées, une loi sur de nouvelles mesures de rigueur réclamées par la troïka comprenant la restructuration du secteur public et le renvoi de 15.000 fonctionnaires d’ici fin 2014. La baisse des effectifs de la fonction publique était l’une des conditions posées par la troïka pour débloquer une nouvelle tranche de prêts de 8,8 milliards d’euros dont le pays a besoin pour payer ses salaires et retraites.
29/04/2013

Les recettes fiscales dérapent en Australie

Le premier ministre Julia Gillard a annoncé hier que les recettes fiscales du pays sur l’exercice finissant au 30 juin 2013 seraient inférieures de 12 milliards de dollars australiens (9,5 milliards d’euros) au montant prévu en octobre dernier, ce qui compromet l’objectif d’un excédent budgétaire de 1,1 milliard, après un déficit de 44 milliards enregistré au 30 juin 2012.
29/04/2013

Wolfgang Schäuble dénonce la folie d'une sortie de l'euro

Quitter l’euro serait une «folie économique» pour l’Allemagne, déclare dans les colonnes de l’hebdomadaire Focus le ministre des Finances, Wolfgang Schäuble, fustigeant le programme d'«Alternative für Deutschland», nouveau parti anti-euro. Ce dernier pourrait mordre sur l'électorat d’Union chrétienne démocrate (CDU) ou des libéraux démocrates du FDP, alliés à la chancelière.
29/04/2013

Les Islandais ramènent au pouvoir le centre-droit

Las d’années d’austérité et de promesses d’allègement de la dette, les Islandais ont voté massivement contre le gouvernement social-démocrate samedi et ramené au pouvoir les partis de centre-droit qui avaient présidé à la faillite bancaire de l'île en 2008. Ce retour devrait signer le rejet de l’adhésion à l’Union européenne, auparavant espérée par les sociaux-démocrates.

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