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19/04/2013

Valartis posts inflows of more than CHF90m in 2012

P { margin-bottom: 0.08in; } The Swiss Valartis group last year posted inflows of CHF929m, up 7.7% year on year, according to a statement released on 18 April. Assets under management rose 15% to CHF7.8bn, of which 86% come from private clients. The group has also returned to profitability, with net profits fo CHF10.2m in 2012, following losses of CHF19.5m in 2011. Valatris has also announced that its mid-term objective is for its assets under management to exceed CHF10bn by 2015.
19/04/2013

Michael Strobaek becomes CIO of Credit Suisse Private Banking & Wealth Management

P { margin-bottom: 0.08in; } Credit Suisse has announced that Michael Strobaek will join the bank as chief investment officer for the Private Banking & Wealth Management division, effective May 1, 2013. In addition to this role, he will head the newly established Investment Strategy and Research Group within the division. He will report to Robert Shafir, head Private Banking & Wealth Management Products. The Investment Strategy and Research Group is comprised of the global CIO Office, Research for Private Banking & Wealth Management, regional CIOs and additional groups within the division that produce complementary investment content. Giles Keating, head of research for Private Banking & Wealth Management, will assume the role of deputy head of the Investment Strategy and Research Group in addition to his current role. Research will partner closely with the CIO office on actionable ideas, while retaining the independence of process. Michael Strobaek joins Credit Suisse from a Swiss family office, where he was CEO and CIO. Prior to that, he spent 13 years at UBS in a number of senior positions, most recently head of investment Management for Wealth Management, and prior to that global head of Investment Solutions.
19/04/2013

Syz & Co takes a majority stake in Banca Albertini Syz

The Swiss banking group Syz & Co announced on April that it has increased to 64.3% its stake in the holding company of the Italian bank Banca Albertini Syz & C., of which it previously held 50% of the shares This operation was conducted by taking over the shares of two of Albertini’s Italian shareholders, Giampaolo Gamba and Ernesto Marelli, who are staying on as directors and continuing their present activity within the bank. Alberto Albertini retains the remaining 35.7% of the capital.Based in Milan and with offices in Rome, Bologna and Reggio Emilia, the Italian private bank Banca Albertini Syz & C. SpA was established as a result of the partnership initiated in January 2002 between Syz & Co and the Milanese group Albertini. With assets under management of CHF 3.3 billion, Banca Albertini Syz & Co specializes in high-end private banking for an Italian clientele.
19/04/2013

Promotion for Caroline Espinal-Vincent at Aberdeen

P { margin-bottom: 0.08in; } Caroline Espinal-Vincent is becoming regional marketing manager – Europe at Aberdeen Asset Management, and now oversees France and Benelux. Espinal-Vincent had since 2010 been head of marketing & communication for France, after being transferred for requests for proposals and credit analysis in London. The France marketing team has also grown with the recruitment of Angelina Puyo, marketing executive.
19/04/2013

One-time loss for BNY Mellon

P { margin-bottom: 0.08in; } Due to a write-down of USD854m due to a ruling on certain foreign tax credits, the Bank of New York Mellon Corporation has posted a loss for first quarter of USD266m, compared with net profits of USD622m in October-December, and USD619m in the corresponding period of last year. However, BNY Mellon is increasing its cash quarterly dividend to 15 cents per share, from 13 cents, for shareholders registered by 29 April.As of 31 March, assets under custody or administration totalled USD26.3trn, as three months previously. That represents an increase of 2% over the USD25.7trn of the end of March 2012. Assets under management, for their part, reached a record total of USD1.429trn, compared with USD1.386trn as of 31 December, and USD1.308trn one month previously. In first quarter, net subscriptions totalled USD40bn for long-term products, while net outflows totalled USD13bn for short-term products. Net inflows to long-term products boosted high demand from investors for liability-driven investments and bond funds.Management and performance commission revenues totalled USD822m, 4% less than in fourth quarter, and 10% more than in January-March 2012. One percentage point of the increase in annual terms is due to the purchase of the remaining 50% stake in Meriten Investment Management (formerly WestLB Mellon Asset Management). The decline compared with the fourth quarter of 2012 is due to a seasonal decline in performance commission revenues, and money market funds fee waivers.
19/04/2013

Morgan Stanley: Asset management assets remain stable

P { margin-bottom: 0.08in; } For first quarter 2013, the asset management unit of Morgan Stanley has posted a net profit of USD85m, compared with a loss of USD11m the previous quarter, and a profit of USD26m in January-March 2012. Before taxes, however, profits will total USD187m, compared with USD221m in October-December, and USD128m in the corresponding period of last year.As of the end of March, assets under management or supervision totalled USD341bn, compared with USD338bn as of 31 December, and USD304bn one year previously. In first quarter, the asset management unit posted net outflows of USD2.9bn, offset by net inflows of USD0.4bn from merchant banking.For its part, net profits for the global wealth management unit fell to USD255m, from USD267m the previous quarter, but up from USD198m in January-March 2012. Fee-based client account assets rose to USD631bn as of 31 March, compared with USD554m three months previously, and USD512bn as of the end of March 2012.Overall, Morgan Stanley has posted a net profit in January-March of USD1.003bn, compared with USD680m in October-December, and a loss of USD79m the previous year. For continued operations, net profits total USD1.614bn, compared with USD859 in the previous quarter, and USD202m for the corresponding period of last year.
19/04/2013

Record assets for Blackstone on 31 March

P { margin-bottom: 0.08in; } As of the end of March, assets under management by Blackstone reached a record total of USD218.21bn, which represents an increase of USD28.14bn, or 15%, in one year. Fee-earning assets under management, for their part, increased by 9% to USD170.95bn.Profits by GAAP standards totalled slightly over USD167.63m, compared with USD58.32m (+187%), while distributable earnings rose 134% compared with first quarter 2012, to USD378.83m. Dividend for the frist quarter is up 200%, to 30 cents per common unit.
19/04/2013

LaSalle IM granted an asset management license for South Korea

P { margin-bottom: 0.08in; } Asian Investor reports that LaSalle IM has obtained an asset management license for South Korea. It may now offer real estate funds, as well as investments in real estate operations. Real estate assets at LaSalle IM are valued at USD47.7bn. There has been strong demand on the South Korean market for real estate funds, particularly from institutional investors, the asset management firm says.
19/04/2013

Real estate investment division of M&G opens an office in Paris

P { margin-bottom: 0.08in; } Prupim, the division responsible for management of real estate investments for M&G Investments, on Thursday morning announced that it is opening an office in Paris, and making a recruitment in Frankfurt. The Paris team, which has been in place for one year, now occupies new premises in the centre of Paris, at 5 rue Royale in the 8th district. It is responsible for identifying the principal investment opportunities in France, Germany, Benelux and the Scandinavian countries, and of operating these properties. The most recent acquisitions in these countries had a total of EUR113.4m, bringing total assets under management in continental Europe to EUR848.9m. In Frankfurt, the appointment of Thomas Kächele to the position of associate director will allow Prupim to strengthen its personnel in Germany. The Prupim division of the M&G group has GBP17bn in assets under management. It is also entering investment management for retail and institutional clients other than M&G/Prudential Plc. Prupim will be renamed as M&G Real Estate by the end of June 2013.
19/04/2013

French fund launches a request for proposals for small cap management

On 10th April 2013 the French pension fund FRR launched a limited request for proposals with a view to selecting providers to manage active management mandates investing in French and European small-cap equities.This contract will comprise two lots : one lot will seek exposure to European small-cap equities for an overall indicative amount of 500 million euros.A second lot, aimed entirely and solely at small and mid-cap French equities, will provide an overall indicative amount of 300 million euros for investment.Managing a highly diversified asset portfolio of more than 37 billion euros as at the end of March 2013, the FRR wishes to underline its role as an experienced long-term investor serving and thereby increasing its impact on the real economy through these investments via even greater exposure to European, including in particular French, small and medium sized enterprises.For this purpose, the FRR wishes to consider a variety of investment modes (management with or without style bias, opportunistic management …).Interested management companies have until 12.00 noon Paris time on 17th May 2013, to deliver their replies to the FRR in accordance with the terms of the consultation rules.All of the documentation relating to this request for proposals is available via the special platform www.achatpublic.com/accueil/frr/medias/index.php or via the FRR’s website www.fondsdereserve.fr.
19/04/2013

Vanguard moves eight ETFs to CRSP indices

P { margin-bottom: 0.08in; } As announced slightly over six months ago (see Newsmanagers of 3 October), Vanguard on 18 April abandoned MSCI indices as a benchmark for eight of its US equity ETFs, in favour of CRSP indices. Overall, the move will affect a total of 22 ETFs, including six international equity funds which replicate FTSE indices, and 16 US equity funds which will adopt CSRP indices. All tickers will remain unchanged.Index Universe has reported that two of the eight funds will be changing names. They are the Vanguard Mega Cap 300 Value ETF (NYSE Arca acronym: MGV), which becomes the Vanguard Mega Cap Value ETF, and now replicates the CRSP U.S. Mega Cap Value Index, and the Vanguard Mega Cap 300 Growth ETF (MGK), which is also dropping the “300” from its name, and now replicates the CRSP U.S. Mega Cap Growth Index.The Vanguard Value ETF (VTV) now uses the CRSP U.S. Large Cap Value Index, while the Vanguard Growth ETF (VUG) trackes the CRSP U.S. Large Cap Growth Index.The Vanguard Mid-Cap Growth ETF (VOT), Vanguard Mid-Cap Value ETF (VOE), Vanguard Small-Cap Growth ETF (VBK) and Vanguard Small-Cap Value ETF (VBR) replicate the corresponding CRSP indices.
19/04/2013

US asset management boutique launches funds in Europe

P { margin-bottom: 0.08in; } The US asset management firm Polen Capital is opening its flagship fund US Growth to European investors, Citywire Global can reveal. The US version of the fund has been in existence since 1989. It invests in large businesses with solid balance sheets and sustainable returns on invested capital. The European fund, based in Dublin, will be co-managed by Dan Davidowitz and the manager, Damon Ficklin, who have been working together since 2005.
19/04/2013

iShares launches five new ETFs

P { margin-bottom: 0.08in; } The ETF provider iShares is launching 5 ETFs based on factors, IndexUniverse reports. Three of them each have initial capital of USD100m, provided by a pension fund, the Arizona State Retirement System. The other two are the first incursion of the ETF provider into active management. The funds on offer are the iShares MSCI USA Momentum Factor Index Fund (NYSEArca: MTUM), iShares MSCI USA Size Factor ETF (NYSEArca: SIZE) and iShares MSCI USA Value Factor ETF (NYSEArca: VLUE), based on the MSCI USA index. The two actively-managed funds are the iShares Enhanced U.S. Large-Cap ETF (NYSEArca: IELG) and the iShares Enhanced U.S. Small-Cap ETF (NYSEArca: IESM).
19/04/2013

Hedge funds in March: dedicated short bias continues to show losses

P { margin-bottom: 0.08in; } Of the 13 strategies regularly monitored by the Edhec-Risk Institute, only dedicated short bias posted losses in March (-1.90%) and for first quarter (-6.7%). It was also the only strategy to post an average annual loss since January 2011 (-1.3%), and its Sharpe ratio is negative (-0.39). The Sharpe ratio for funds of funds is also negative (-0.04).The best returns in March were for distressed securities, with 1.68%, and a gain of 4.4% for first quarter as a whole, the only category with a Sharpe ratio of over 1 (1.07). However, the best returns for first quarter were for long/short equity, with 5.1%.
19/04/2013

Jupiter benefits from rosy markets in first quarter

P { margin-bottom: 0.08in; } Assets under management at Jupiter rose by more than 10% in first quarter, to GBP29.1bn, according to an interim report published on April 18. This increase of nearly GBP3bn compared with the end of December 2012 is largely due to positive market effects of GBP2.66bn. Meanwhile, net inflows fell by 70% compared with the previous quarter, to GBP209m. This development is attributed to the rollout of RDR regulations on 1 January, which results in a slowing of inflows from independent financial advisers (IFAs). Jupiter has also announced that it expects to earn a profit of GBP16.5m, probably in second quarter, from the sale of its stake in the Cofunds platform to Legal & General. The proceeds will be used to reduce debt. The asset management firm has also announced that it is recruiting in Asia, with a former BlackRock employee, Peter Swarbreck in Hong Kong, as head of the Asia-Pacific region. Swarbreck had previously been managing director, responsible for Hong Kong at BlackRock, which he left in late 2012.
19/04/2013

Head of marketing at Hermes joins Henderson

P { margin-bottom: 0.08in; } Rob Page, the head of marketing at Hermes, is leaving the firm to join Henderson Global Investors, Investment Week reveals. He will become global head of marketing at the firm in July. He will be responsible for marketing, public relations and e-commerce for Europe and the United Kingdom. Page will report to Greg Jones, head of retail for Europe, the Middle East and Africa, and will work in close collaboration with Phil Wagstaff, head of global distribution for the brand and internal and external communications.
19/04/2013

Barclays overhauls management

P { margin-bottom: 0.08in; } The British bank Barclays, rocked by the Libor scandal, on 18 April announced the departure of the head of its investment banking division, Rich Ricci, as part of a larger overhaul of its management. “Subsequent to Barclays’ publication of the outcomes of its Strategic Review on 12 February, the bank has today announced changes to the senior management within Corporate and Investment Banking, Wealth and Investment Management, and Barclays’ business in the Americas,” Barclays says in a statement. The CEO of the wealth management division and executive chairman of Barclays in the United States, Tom Kalaris, will be leaving Barclays on 30 June. He will be replaced as head of wealth management by Peter Horrell, and as head of Barclays United States by Skip McGee. Ricci will also be leaving the group on 30 June, after being replaced as head of the finance and investment bank on 1 May by Eric Bommensath and Tom King, the bank says. The changes in the management of the group come following a presentation on 12 April of its strategic plan, which included at least 3,700 layoffs this year, and cutbacks to activities to make savings and restore its reputation.
19/04/2013

Two new EMD funds from BlackRock

P { margin-bottom: 0.08in; } As announced by Newsmanagers on 15 April, BlackRock on 18 April announced the launch of emerging market bond sub-funds of its Luxembourg Sicav Barclays Global Funds, or BGF, the PGF Emerging Market Corporate Bond and BGF Emerging Market Investment-Grade Bond, which come as additions to a range that already includes the BGF Emerging Markets Bond and BGF Emerging Markets Local Currency Bond funds. The products are aimed at European investors.BlackRock in 2012 created a team of seven managers dedicated to emerging market debt, led by Sergio Trigo-Paz, who is co-manager of the two new funds, the first with Chris Kelly and Jane Yu, and the second with Kelly and Raphael Marechal. Before joining BlackRock in 2012, Trigo Paz had been chief investment officer for the management of emerging market bonds at FFTW, a partner firm at BNP Paribas Investment Managers, while Kelly, Marechal and Yu had been maangers in the emerging market debt team at FFTW.CharacteristicsName: BGF Emerging Markets Corporate Bond FundISIN code: LU0843229971 (A share class)Minimum investment: USD5,000 (or equivalent)Annual management fees: 1.5%Front-end fees: 5%Name: BGF Emerging Markets Investment Grade BondISIN: LU0843234039 (A share class)Minimum investment: USD5,000 (or equivalent)Annual management fees: 1.25%Front-end fee: 5%
19/04/2013

UK asset management firms on the offensive

P { margin-bottom: 0.08in; } The British Investment Management Association (IMA) has decided to create a centre to help foreign asset management firms which would like to set up shop in London, rather than Dublin or Luxembourg, Investment Week reports. The professional association is responding to an initiative by Chancellor of the Exchequer George Osborne to improve the attractiveness of the United Kingdom to asset management firms. Among the measures taken are the discontinuation of a tax of funds, which is often cited as slowing the inflow of foreign firms to the UK. The director general of the IMA, Daniel Godfrey, has said that a working group would study the priority measures that may be passed within the next few weeks to capture billions of pounds in assets in UCITS funds domiciled in Ireland, but mostly sold to British investors, within the next few weeks.
19/04/2013

Eastspring Investments creates an entity in Luxembourg

P { margin-bottom: 0.08in; } Eastspring Investments, the asset management unit of Prudential Corporation Asia, will create a Luxembourg entity in order to distribute its funds in Europe, according to Funds Europe. The Luxembourg regulator, the financial sector surveillance commission (CSSF), has issued a license for Eastspring Investments (Luxembourg). Henk Ruitenberg, former CEO of Eastspring Investments in Vietnam, has been transferred to Luxembourg as executive board member.
19/04/2013

La Cour de Karlsruhe va examiner un recours sur la zone euro

La Cour constitutionnelle d’Allemagne examinera les 11 et 12 juin un recours contre le Mécanisme européen de stabilité (MES), le fonds destiné aux pays en difficulté de la zone euro, et contre le programme de rachat illimité d’obligations de la Banque centrale européenne (BCE), a-t-elle annoncé vendredi. La Cour, basée à Karlsruhe, a jugé en septembre que le MES n'était pas contraire au droit allemand tout en exigeant que le parlement soit consulté sur les opérations et les décisions de ce mécanisme.
19/04/2013

Silver Lake boucle le plus grand fonds jamais dédié au secteur technologique

La société de private equity a annoncé avoir mobilisé 10,3 milliards de dollars pour son nouveau véhicule. Avec ce plus important fonds jamais mis en œuvre sur le secteur technologique, Silver Lake, qui gère désormais au total 23 milliards de dollars, frappe un grand coup. Nombre de concurrents ont en effet réduit la taille des véhicules lancés depuis l’émergence de la crise, alors que la société californienne s’est réjouie d’une «forte demande». Pour la première fois, la majorité des engagements est venue d’en dehors des Etats-Unis, selon une source citée par Reuters, qui évoque un afflux d’ordres asiatiques et moyen-orientaux.
19/04/2013

Pékin envisage une ouverture de ses comptes de capitaux

Le directeur adjoint de la Banque Populaire de Chine, Yi Gang, a évoqué une ouverture des comptes de capitaux de la Chine, après avoir confirmé un élargissement prochain de la bande de fluctuation du yuan. «Je vois un grand nombre de conditions favorables compatibles avec une plus grande libéralisation de notre compte en capital», a-t-il indiqué à Washington. Et d’ajouter que «pour diriger une économie ouverte, les comptes de capitaux doivent être convertibles».
19/04/2013

Une correction de l’appétit pour le crédit en cours

Le graphique ci-contre montre l'évolution de l’appétit pour le crédit, mesuré par la corrélation de rang entre les rendements des facteurs de risque des obligations et la volatilité qui leur est associée. Si la corrélation est positive, l’aversion pour le risque de crédit a baissé ; si la corrélation est négative, elle a augmenté.
19/04/2013

Le risque de sélection apparaît très limité

Les tableaux ci-contre présentent les meilleures et plus mauvaises performances en euros des fonds sur les marchés des fonds actions américaines et actions françaises en mars 2013. Ces performances sont mises en perspective par le calcul de la volatilité, du ratio de Sharpe sur trois ans d’historique, ainsi que du rendement depuis un an.
19/04/2013

Aviva pourrait supprimer des postes en France

L’assureur britannique Aviva a annoncé qu’il allait supprimer 2.000 postes en Grande-Bretagne, en Europe et en Asie au cours des six prochains mois. Cela correspond à 6% de sa masse salariale mondiale. En Europe, les activités françaises font partie des entités mises sous revue.
19/04/2013

Taro Aso décline la politique du gouvernement japonais

Dans une tribune publiée dans le journal, le ministre des Finances japonais, Taro Aso, décline les trois piliers de la nouvelle politique du gouvernement, nommée «Abenomics» et destinée sortir le pays des deux «décennies perdues». Une politique monétaire de rachats d’actifs illimités, mais aussi une politique fiscale flexible, et une stratégie de croissance pour sortir de la «stagflation».

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